JLL has arranged a transaction to relocate New Alternatives for Children (NAC), a group that helps some of the city’s most vulnerable children, to 60,000 square feet at 825 Seventh Ave., the redeveloped midtown office tower owned in joint venture by Edward J. Minskoff and Vornado Realty Trust.
The non-profit NAC provides innovative services in support of birth, foster, and adoptive families caring primarily for medically complex children. JLL arranged a 30-year leasehold condominium interest for NAC across the entire 5th, 6th & 9th floors of the property. The move will enable NAC to elevate the services it provides to families and children with significant medical and mental health needs.
NAC was founded in 1982 by a group that discovered 100 children living in city hospitals well beyond medical need. Most had been living in the hospital since birth simply because their families were not able to care for them at home. NAC not only helped these children leave the hospital and go home for good, but changed the trajectory of their lives, allowing some to go to college, get jobs and live in their own homes.
Today, NAC continues to provide innovative solutions for ensuring that children with significant medical and mental health needs always have a loving and nurturing family and home to call their own. The new headquarters space at 825 Seventh Ave. will accommodate NAC’s continuum of services for children’s physical, social, educational, recreational, medical, and mental healthcare needs.
Situated on the corner of 53rd Street and Seventh Avenue, the 196,616 square feet property was recently redeveloped with a new lobby, facade and infrastructure. NAC’s space will include an exclusive rooftop setback terrace on the 9th floor. Other tenants in the building include YAI’s International Academy of Hope (iHOPE) – a school which provides educational services to students with brain-based disorders – which leased 76,861 square feet at 825 Seventh Ave. last year in a deal also arranged by JLL.
“For 40 years, NAC has been leading the way with our approach to child welfare and the support we give to children in our communities with disabilities,” said NAC founder and executive director Arlene Goldsmith. “Our relocation to this magnificent new headquarters space will enable us to showcase how we provide specialized, innovative programming enabling children with disabilities lead their fullest, most rewarding lives.”
NAC was represented by Matthew Astrachan, vice chairman; Ellen Herman, executive vice president, and Hale King, vice president, with JLL. 825 Seventh Avenue was represented by Edward Riguardi, vice president of leasing, with Vornado Realty Trust; Jeffrey Sussman, executive vice president, with Edward J. Minskoff Equities, and John D. Ryan III, principal, with Avison Young.
“We are delighted to have worked with NAC to find superior new space operated by world-class ownership that has redeveloped 825 Seventh with an eye to accommodating the unique requirements of this industry-leading agency,” said Astrachan. “NAC will now have the canvas it needs to continue its important work in a collaborative and engaging environment.”
Attorneys for the building were Trevor Adler, partner, and Ida Phair, associate, with Stroock & Stroock & Lavan LLP; attorneys for NAC were Adam Endick, partner and Genta Stafaj, associate, from Vinson & Elkins LLP.