Cushman & Wakefield completed two transactions on behalf of Somerset Group, a privately held real estate investment, management and development organization, at 205 & 215 Lexington Avenue.
Tenants ArchCare and GRACE Communication Foundation have agreed to long-term lease renewals with the landlord that total more than 40,000 s/f combined.
A team consisting of Vice Chairman David Hoffman and Senior Director Bryan Boisi represented the landlord, Somerset Group.
“We were able to successfully retain and expand ArchCare by accommodating a consolidation of various offices into 205 Lexington Avenue,” said Boisi. “Additionally, we were able to renew GRACE Communication Foundation by working on a comprehensive renovation of the premises.”
“It is validating to us as landlords to see our existing tenants renew and expand,” said David Eshaghian, principal of the Somerset Group. “They see us daily, and we think they appreciate the value of leasing office space in an owner-occupied building.”
ArchCare, one of the largest Catholic continuing care systems in the nation, will expand to occupy 27,000 s/f throughout multiple floors at 205 Lexington Avenue. The additional office space will be used for administrative needs.
ArchCare was represented by Mary Ann Tighe, David Hollander, Lauren Crowley and Liz Lash of CBRE.
GRACE Communications Foundation, an environmental non-profit, is now occupying the entire 10th floor, totaling 13,026 s/f, at 215 Lexington Avenue. Grace was represented by Daniel Thompson of Savills Studley.