Engineering nonprofit decamps for 120 Wall Street

May 15, 2013 12:00PM

The American Institute of Chemical Engineers is leaving behind Murray Hill for a skyscraper in the Financial District.

The nonprofit signed a long-term, 16,506-square-foot lease at the Silverstein Properties-owned 120 Wall Street after scouring Midtown South and Downtown for two years, said Leon Manoff of brokerage Colliers International in a release reported by the New York Observer. Asking rents were in the upper-$30s per square foot at the property, where the organization will occupy the full 23rd floor.

Manoff and Robert Kennedy represented the tenant, which is relocating from 3 Park Avenue, in the leasing transaction, the newspaper said.

The 34-story Wall Street building belongs to a state-sponsored incentive program that offers real estate tax exemption in exchange for leasing to nonprofits.

According to the release, a capital improvement plan to modernize the building’s façade, lobby and elevator cabs is nearing completion. [NYO]Mark Maurer