In one of the first deals to take advantage of a newly-created real estate incentive program for not-for-profits, longtime tenant Concepts of Independence is moving to a brand new space at 120 Wall Street.
The organization, which assists individuals with disabilities, will relocate to 14,567s/f on a portion of the 9th floor, in a transaction brokered by firm Studley.
The organization, previously located on the 10th floor, is one of several not-for profit organizations which benefit from reduced rents through tax a special program sponsored by the Economic State Development Corporation (ESDC), which through its program eliminate the payment of real estate taxes over a life of a the lease.
In the early 1990s, the building’s ownership partnered with the New York City EDC to establish the state’s first and only Association Center at the property, which now continues through its partnership with the ESDC .
Studley’s Marc R. Shapses, Nancy Weinstein and Joseph Messina represented Concepts of Independence in the 15-year lease. Roger Silverstein of Silverstein Properties represented the landlord. Asking rents were $38.00 psf.
According to Shapses, all construction costs were covered by the building’s ownership. “120 Wall Street is the home to many of the finest not-for-profit organizations, and thanks to these terrific incentives, Concepts of Independence will continue to thrive as an organization for many years to come,” he added.