JRT Realty Group, the nation’s largest woman-owned commercial real estate services firm, has arranged a 22,070 s/f lease for the Legal Aid Society in The Melrose Building at 260 East 161st Street in the Melrose neighborhood of the Bronx.
The organization, which currently occupies 55,655 s/f within the building on the eighth, ninth and tenth floors, is expanding its presence to encompass the full seventh floor under a 15year lease. The expansion is scheduled for completion next year.
Ellen Israel and Greg Smith represented the building’s owner, Acadia Realty Trust, in the transaction. Craig Reicher, Chris Mansfield and Greg Maurer-Hollaender of CBRE represented the Legal Aid Society, the country’s oldest and largest not-for-profit organization providing free legal services to low-income individuals and families.
“We are gratified that the Legal Aid Society has decided to take on additional space in our property under a long-term lease,” said Tom Julius, Director of Non-Conforming Assets, of Acadia Realty Trust.
“The Legal Aid Society is one of the most respected not-for-profit organizations and they play a vital role in the local community.”
“As New York’s foremost provider of legal services to low income residents, The Legal Aid Society needed to expand the size of its operations,” said President Greg Smith of JRT Realty Group. “Its decision to remain at The Melrose Building reflects the owner’s commitment to professional property management and first-rate tenant services.”
Rents at the property fall in the mid-$30s per square foot.
Situated several blocks east of Yankee Stadium, 260 East 161st is directly opposite to the Bronx County Court.
Rendering top: SBLM Architects.