The non-profit New York Foundling has signed a 35,000 s/f lease at the Center Building in Long Island City.
Madison Marquette, a private real estate investment and operating company, and Perella Weinberg Partners Asset Based Value Strategy, announced that charity signed a 15-year lease term. Josh Kleinberg of Pinnacle Realty represented the landlord and CBRE represented The New York Foundling.
“We are honored to have this important charity join the Center Building family of blue-chip tenants,” said Ryan Colbert, the Madison Marquette investment director who serves as the property’s asset manager.
“This is an example of another important tenant who is seeing good relative value in moving from Manhattan to Long Island City.”
The Center Building is a 450,000 s/f mixed-use commercial property located at 33-00 Northern Boulevard in Long Island City.
With the addition of The New York Foundling, The Center Building is now approximately 95 percent leased. The remaining 10,000 s/f of office space is available and continues to be marketed.
Asking rents are $30 psf and tenants include Human Resource Administration (HRA), Metropolitan Transportation Authority (MTA), NYC Department of Cultural Affairs (Material for the Arts), and Quadlogic Controls Corporation.
Madison Marquette and affiliates of the Perella Weinberg Partners’ Asset-Based Value strategy purchased the building in December 2012 as part of a joint venture and a strategic effort by Madison Marquette to broaden its investment platform.
David Schiff, partner at Perella Weinberg Partners and Portfolio Manager of the Asset Based Value Strategy, “The resurgence of Long Island City continues and today’s announcement reflects the enduring popularity and value tenants are finding in the area.
“Its location and accessibility have proven attractive to tenants, and we are pleased to welcome The Foundling to this premier property.”
The New York Foundling is one of New York City’s oldest and largest charities serving disadvantaged children, adults and families. It reaches over 7,000 families per year through direct service, and more than 20,000 school-aged children through its Child Abuse Prevention Program (CAPP).
The Foundling also works with teen mothers and their children.