Cushman & Wakefield arranged a long term lease for The Wallace Foundation, a New York-based foundation, at 140 Broadway in Lower Manhattan.
The space will serve as the new headquarters for The Wallace Foundation, which will occupy the entire 49th floor, totaling 26,206 square feet.
Cushman & Wakefield’s Andrew Chase, Carri Lyon and Wes Rudes represented the tenant, and Cushman & Wakefield brokers Robert Constable, Myles Fennon and Edward “Mac” Mombello represented the landlord, 140 BW LLC, in this transaction.
With assets of approximately $1.5 billion, The Wallace Foundation is one of the nation’s 50 largest private foundations whose mission is to foster learning and enrichment for disadvantaged children and the vitality of the arts for everyone. The Wallace Foundation traces its roots back a half century to DeWitt and Lila Acheson Wallace, founders of Reader’s Digest Association.
“The Wallace Foundation was looking for a space that supports the foundation’s culture and collaborative and interdisciplinary work process,” said Carri Lyon, Co-Chair of Cushman & Wakefield’s National Not-for-Profit Advisory Group. “140 Broadway offers a bright, open space for the foundation’s new headquarters with the convenience of a highly-accessible location.”
140 Broadway features modern amenities and holds a prominent place in the Lower Manhattan skyline. The building is continually implementing sustainable initiatives, and currently holds LEED Gold certification along with tenant access to Citi Bikes and a bike room.
Robert Constable of Cushman & Wakefield added, “140 Broadway is thrilled to welcome this prestigious foundation to the building. The Wallace Foundation will benefit from the property’s ideal infrastructure and unparalleled transit accessibility.”