The United Synagogue of Conservative Judaism (USCJ), a nonprofit organization that represents and supports synagogues practicing conservative Judaism across North America, will relocate to 120 Broadway, aka, the Equitable Building, in a transaction brokered by Savills Studley.
The organization has signed a 15-year, 16,000 s/f lease comprising part of the 15th floor at the historic 40-story, 1.9-million-square-foot office tower, which is bordered by Broadway and Nassau, Pine and Cedar Streets in Lower Manhattan.
As part of the transaction, the USCJ has closed on the sale of its Midtown East headquarters at 820 Second Avenue for $16 million, as part of an organization-wide plan to reinvest capital into their organization.
After the deal was finalized on June 5, 2015, the USCJ expects to move to their new downtown offices in the 4th quarter of 2015.
Savills Studley’s Executive Managing Director Marc R. Shapses and Executive Vice President, Director & Branch Manager Ira Schuman, represented the USCJ in the long-term leasing transaction at 120 Broadway, as well as in the disposition of their Midtown East office asset.
According to Shapses the USCJ will join a prestigious tenant roster including ALM Media, the New York State Department of Law, Banco Popular, and the Alliance for Downtown New York, among others.
In addition, the not-for-profit is moving into turnkey space with open work any common spaces, and will also benefit from direct access to the 4/5 Wall Street subway lines, as well as several on-site amenities and services.
Schuman, an industry veteran with more than 30 years of experience specializing in not-for-profit transactions, including recent work with organizations such as FedCap, Congregation Habonim and several others, added that the deal will enhance USCJ’s strategic plans and programs focused on serving it’s member synagogues.
“The USCJ was really looking for value with this transaction, as many not-for-profits are moving more towards investing in their organizations versus their real estate in general,” he said. “The trick was aligning the timing of the sale and the lease all together.”
The landlord, Silverstein Properties, was represented in-house by Roger Silverstein.