Cushman & Wakefield arranged a 29,400 s/f deal at 220 East 42nd Street, also known as the News Building, for Community Preservation Corporation (CPC), a nonprofit affordable housing and community revitalization finance company.
The deal has a 30-year term. CPC will be occupying the entire 16th floor and is expected to make the move to their new space in spring of 2019.
Cushman & Wakefield represented both the tenant and the landlord in the transaction. A team consisting of David Lebenstein, Daniel Organ and Michael Burgio represented the tenant, CPC, and Tara Stacom and Barry Zeller represented the landlord, SL Green Realty Corp.
“CPC has been operating in their previous space for many years, and in their search for new office space, they were looking to modernize the workplace and find a new environment that would encourage collaboration,” said Lebenstein.
“The design and location of their new space at 220 East 42nd Street will more than accomplish this goal.”
“Over the last few years we’ve grown our business and expanded the impact of our investments in housing in New York and into new geographies throughout the Northeast,”said Rafael E. Cestero, President and CEO of CPC.
‟As we’ve added staff and evolved our business infrastructure, it was our goal to find a new office space that could adapt as we continue to grow, and that also supports our collaborative nature and the way we work together.
“Our new space on the 16th floor of this historic building will give us a flexible, modern environment that reflects who we are as a company.”
Designated a National Historic Landmark in 1989, 220 East 42nd Street is a 37-story, 1,169,582 rentable square foot Art Deco skyscraper owned by SL Green Realty Corp.
Notable tenants o include Omnicom Group, WPIX, and the United Nations Development Program.