The Innocence Project, a national litigation and policy organization dedicated to exonerating wrongfully convicted individuals through DNA testing, has signed a long-term, 20,289-square-foot lease for part of the seventh floor at 40 Worth Street—future home of Gap Inc.’s headquarters.
The Innocence Project, a 501(c)(3) founded in 1992 and affiliated with Cardozo School of Law, Yeshiva University, plans to move in the beginning of 2011 from its current offices at 100 Fifth Avenue.
Executive Managing Director John Mambrino and Managing Director Nicholas Farmakis of Studley represented The Innocence Project in the transaction. The landlord, 40 Worth Street LLC, a partnership led by Jeff Gural and Newmark Holdings, was represented in-house by Managing Director Brian Steinwurtzel, Senior Managing Director Roy Lapidus and Managing Director Dan Segal of Newmark Knight Frank.
“This building and its landlord are a good fit for The Innocence Project,” shared Mr. Farmakis. “Mr. Gural owns several properties that are heavily tenanted by nonprofits, and as a result, understood their needs and was able to structure an amenable transaction.”
According to Mr. Mambrino, as part of the concession package, Mr. Gural agreed to fully build out The Innocence Project’s space. He is also fully renovating the building including installing new windows, elevators, and mechanical systems, as well as updating the lobby. Space will also be reserved for bicycle storage in compliance with the new Local Law 52 in New York City.
Mr. Gural added, “I had the opportunity to meet the organization’s members at various events and galas and was highly impressed. I’ve taken an interest in their work and am pleased to welcome The Innocence Project to 40 Worth Street.”
40 Worth Street, a 16-story, 702,815-square-foot building located in Tribeca has a tenant roster that includes Gap Inc., Public Health Solutions, New York Law School, and The Legal Aid Society. The building has signed almost 400,000 square feet of leases in the last 12 months, including the 265,000-square-foot lease to Gap Inc.