Nonprofit Group CSH Inks 15,293-Square-Foot Deal at Sizzling 61 Broadway
May 31, 2013

The nonprofit Corporation for Supportive Housing signed a 10-year, 15,293-square-foot lease at 61 Broadway in a relocation and consolidation from 50 Broadway, The Commercial Observer has learned.

David Carlos of Studley represented the tenant in the transaction...

“Basically, they had two floors and about 20,000 square feet at 50 Broadway, but the space was inefficient,” Mr. Carlos said. “On top of that, it was an older installation. With their lease expiration pending they decided to consolidate in another location.”
Mr. Carlos attributed the move just up Broadway to Lower Manhattan’s “qualitative and quantitative draws. CSH’s employee base is used to the transit options and commute. A lot of folks come in from the boroughs, so public transportation is very important. And, of course, downtown you get the best deals, especially when you look at Midtown South and other areas that 10 years ago were value propositions and no longer are.”

As for 61 Broadway’s particular allure, Mr. Carlos cited “very aggressive and responsive landlords” who are “doing a good job presenting a product that is very competitive in the marketplace.” He added that Broad Street is building out 61 Broadway, which is especially attractive to nonprofit tenants...