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Deals & Dealmakers

Non-profit swaps midtown for downtown address

DTZ  secured a 15-year, 14,126 s/f lease community development financial institution Nonprofit Finance Fund (NFF) at 5 Hanover Square.

The national not-for-profit organization is relocating from 70 West 36th Street, where it has been for almost 20 years, to Downtown Manhattan.

Over the past 30 years, NFF has worked with thousands of nonprofits throughout the country, providing $550 million in loans in support of over $1.5 billion in projects.

5 Hanover Square
5 Hanover Square

“After being housed in Midtown for almost two decades, NFF was in search of a modern, open space that would foster collaboration amongst its growing staff,” said David Lebenstein, Senior Managing Director of DTZ.

“The organization’s long-term commitment to Downtown Manhattan reflects the cost-effective strategy of many nonprofit organizations – foregoing a Midtown address for the value and flexibility afforded to companies choosing Downtown Manhattan. Within the last 30 years, I have assisted NFF with multiple leases, so my team knew that the company would benefit from moving to 5 Hanover Square. The new location will allow the organization to continue growing and providing the services that other nonprofits rely on.”

DAVID LEBENSTEIN
DAVID LEBENSTEIN

With over 14,000 s/f of space, NFF will be able to create breakout spaces with expansive conference rooms. NFF’s national and local headquarters, to be housed on the ninth floor of the building, will be custom designed by architecture firm Gensler.

Along with Lebenstein, DTZ’s Janet Woods, Executive Managing Director, and Nicholas Woodhull, Senior Associate, represented Nonprofit Finance Fund. Todd Stracci, Hal Stein and Travis Wilson of Newmark Grubb Knight Frank represented the landlord.

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