JLL has completed the relocation of The Institute of Career Development to 123 William Street.
The nearly 100-year-old non-profit signed a 10-year lease for 24,391 s/f at the Class B office building.
ICD was represented by Paul Mas and Ellen Herman both with JLL. The building owners, East End Capital Partners and GreenOak US, were represented by Howard Fiddle and Bradley Gerla, both with CBRE Inc.
“JLL advised ICD on property management issues it faced as the owner of its original 77,000 s/f headquarters at 407 First Avenue, and then arranged the sale of the property this past year,” said Mas.
“We were able to find an ideal new home for ICD at 123 William Street and then assisted the organization in building out its new space on the fifth floor of the building.”
ICD signed a 10-year lease for the entire fifth floor, relocating from its previous offices at 407 First Avenue.
A recognized pioneer in the field of rehabilitation, ICD has been exapnding its scope of services for people with disabilities. Mas began his current work with the institute in 2012, after its board of directors chose to return to its core mission of assisting people with barriers to employment.
The board wanted use the proceeds from the sale of 408 First Avenue, a building it had developed in 1964, to finance its relocation and establish an endowment for ICD.
Mas and the JLL team determined that ICD would need cost-efficient “value” space that had excellent subway access in a building that would accommodate a school environment. Following a search of Manhattan, Brooklyn and Long Island City, they determined 123 William Street would meet all of the institute’s needs.
While Mas and the leasing team were searching for ICD’s new home, JLL’s Capital Markets group acted to dispose of 407 First Avenue for the institute. Jon Caplan, Glenn Tolchin and Yoav Oelsner represented ICD sale last spring to Magnum Real Estate Group and 40 North Properties.
The group achieved a sales price that was well in excess of the value the board had expected and what a pre-marketing independent appraisal indicated. The new owners are redeveloping the property as student housing for the School of Visual Arts.
East End Capital and GreenOak US, the owners of ICD’s new location at 123 William Street, acquired that 27-story property from Chetrit Group for $133 million in October 2013. Their purchase in the midst of JLL’s efforts to bring the institute to the property added substantial uncertainty to the completion of the lease.
The owners launched a capital improvement program to upgrade the lobby, windows and elevators. The office building was designed by Emery Roth & Sons and constructed in 1957.
JLL served as project manager for the construction of ICD’s space on the fifth floor of 123 William Street, with the interior work completed and the organization moved into its new space in March 2014. The team overseeing the work was led by George Kaufmann, and included John Maguire and Sarve Eshterhardi.