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Category ArchiveArent Fox

A Slimmed Down Clinton Foundation Heading to 1633 Broadway

The Clinton Foundation is moving its offices from 1271 Avenue of the Americas to 1633 Broadway, Commercial Observer has learned, months after the shutdown of the foundation’s Clinton Global Initiative.

“Our lease is up at the end of the year, and as part of major renovations to our current building, all tenants have been asked to vacate,” a foundation spokesman said.

According to sources with knowledge of the deal, the 20-year-old charity took 36,393 square feet, or the entire fifth floor, via a sublease from ad delivery firm Extreme Reach at 1633 Broadway. The deal is for 11 years, with an asking rent of $58 per square foot.

Extreme Reach occupies the fifth and sixth floors of Paramount Group’s 48-story, 2.6-million-square-foot building between West 50th and West 51st Streets, and will consolidate onto the sixth floor.

Another tenants in the building includes law firm Arent Fox, which inked a deal for 76,000 square feet in August. Other tenants include Allianz Global, Morgan Stanley and Warner Music Group.

The Clinton Foundation is relocating from the 42nd floor at 1271 Avenue of the Americas between West 50th and West 51st Streets as the building undergoes a $325 million renovation, as The Wall Street Journal previously reported. CoStar Group indicates the foundation’s office there is 30,044 square feet.

Former President Bill Clinton created the foundation in 2001 as a way to fund his presidential library, The New York Times reported. Created in 20015, the Clinton Global Initiative served as a networking platform for The Clinton Foundation. In January, a Worker Adjustment and Retraining Notification Act (WARN) notice filed with the New York State Department of Labor indicated that 22 people would be losing their jobs due to the discontinuation of the Clinton Global Initiative, as Observer previously reported. The layoffs were to be effective as of April 15, according to the WARN notice, but a New York Times article dated Feb. 2 indicates the shutdown had been completed by that point.

The foundation spokesman assured: “The Clinton Foundation’s work has continued strong in 2017.”

CBRE’s Keith Caggiano and Roshan Shah represented the foundation in the deal and Mark Weiss and Seth Hecht of Cushman & Wakefield worked on behalf of Extreme Reach. CBRE’s spokeswoman declined to comment and a spokesman for C&W didn’t immediately respond to an inquiry.

Source: commercial

Law Firm Arent Fox Takes 76K SF in Move Within Midtown West

Arent Fox has inked a deal for 76,000 square feet at the Paramount Group’s 1301 Avenue of the Americas.

The 350-person law firm will take over the entire 41st and 42nd floors and half of the 38th floor in the tower between West 52nd and West 53rd Streets, The New York Post reported. The lease was signed today, and the attorneys are expected to move into the 46-story building in January 2018, according to CoStar Group.

The lease will last for 15 years, and asking rent in the transaction was $100 a square foot, sources told Commercial Observer.

The firm will relocate from 1675 Broadway, which is a block and a half to the west between West 52nd and West 53rd Streets.

Howard Grufferman and Cynthia Foster of Colliers International represented the law firm in the transaction, and JLL’s Frank Doyle, David Kleiner, Clark Finney and Harlan Webster represented Paramount. Neither brokerage’s spokesperson responded to a request for comment.

The building’s big floor plates and recently updated infrastructure have attracted a number of sizable corporate tenants in the past two years. Reinsurance giant Swiss Re moved into 68,000 square feet of offices at the Skidmore, Owings & Merrill-designed property earlier this year, Commercial Observer previously reported. Key Bank also took 73,000 square feet there in 2015.

And Paramount has drawn a handful of other legal tenants to the 1.8-million-square-foot commercial property. Law firms Susman Godfrey and Norton Rose Fulbright moved into the building two years ago.

Source: commercial