TransitCenter, the nonprofit organization which launched the innovative concept of TransitChek, the first commuter benefits program in the nation, is expanding its Midtown Manhattan headquarters at 1065 Avenue of the Americas at Bryant Park, where the nonprofit has been located for 10 years.
TransitCenter signed a long-term lease to occupy the entire 34,083-square-foot fifth floor, consolidating from 27,000 square feet over two floors—the entire 16th and a portion of the seventh floors.
International commercial real estate services firm Studley’s Executive Managing Director Paul Revson, together with Managing Director Zev Holzman, represented TransitCenter in the transaction.
“Moving from the higher floors in the building to a lower floor, with its larger floor plate, will provide TransitCenter with greater efficiencies than being split on two noncontiguous floors,” explained Mr. Holzman. “The building also provides easy access and convenience to TransitCenter’s clients. Plus, ultimately, relocating within the property proved to be the most economically viable solution.” “The consolidation was also a great opportunity to take advantage of market fundamentals, which continue to favor the tenants,” shared Mr. Holzman.
TransitCenter has enjoyed tremendous success in attracting users, thereby substantially cutting down on pollution, and helping hundreds of thousands of commuters save money since the program’s launch in 1987.
Brian Waterman, John Fanuzzi, Brent Ozarowski and Lance Korman of Newmark Knight Frank represented the landlord in the transaction.
Ed Taffet, Esq., General Counsel of TransitCenter, along with Steve Nelson, Esq. of Fulbright & Jaworski acted for the tenant, while Steve Kaplan, Esq. and Robyn Neff, Esq. of Blank Rome represented the landlord.
Studley is the only global tenant advisory firm with a pure tenant representation delivery platform. Founded in 1954, Studley pioneered this conflict-free business model. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley throughout Europe, Studley provides strategic real estate consulting services to top-tier corporations, law firms, nonprofits, government agencies and institutions of higher education. Information about Studley is available at www.studley.com