The Foundation for the Global Compact will relocate to a new headquarters space near the United Nations.
The organization, a non-profit entity established to support the United Nations Global Compact — the largest corporate sustainability initiative in the world — has signed a 15-year 27,235 s/f lease comprising the entire 12th floor at 685 Third Avenue.
The Foundation currently occupies 9,800 s/f at 801 Second Avenue and the Global Compact occupies an additional space within the United Nations. The new location will result in the non-profit nearly doubling its Manhattan real estate footprint to accommodate the growth of the organization. It is expected to take occupancy in the first quarter of 2015.
The Foundation for the Global Compact was represented by Daniel O. Horowitz, Christopher P. Foerch, Jeffrey I. Peck, and Joseph Messina of Savills Studley. Paul Amrich and Zachary Freeman of CBRE represented the landlord, TIAA-CREF. Asking rents were $60 psf.
According to Horowitz, the Foundation for the Global Compact needed to consolidate certain organizational personnel that were spread among non-contiguous floors in two separate buildings, both inside and outside of the UN properties.
“The Foundation wanted to streamline and modernize its operations with larger, more efficient space,” he said, noting that its new floorplate is “flooded” with natural light, lending it well to their workplace environment, which is a hybrid of private offices and open collaborative space.
“In addition to supporting its increasing headcount, the Foundation chose 685 Third Avenue due to TIAA-CREF’s sustainable practices and commitment to the environment which reflected the UN Global Compact’s mission.” Foerch added “TIAA-CREF’s significant recent investment in upgrading the building, coupled with their reputation as a quality, stable owner were strong attributes in deciding to move to 685 Third Avenue.”