Following the sale of United Charities’ historic Park Avenue office building in September, one of its member organizations, the Children’s Aid Society, has signed on to take 25,000 square feet in a Harlem property.
The space, which is owned by Olam Trading Corp., is spread over three floors at 4 West 125th Street, and the lease is for a five-year term at $45 per square foot. While the nonprofit’s services for infants, children, and adolescents will be relocating to Harlem, the rest of the Children’s Aid Society will still operate out of the Park Avenue office, the New York Observer reported.
Chinese developer Cheerland Investments purchased the United Charities building at 287 Park Avenue South for $128 million in September and plans to convert the property into high-end condominiums.
“We’ll be doing some long-term planning about where we’ll put our headquarters, but no decisions have been made about that,” said Children’s Aid Society CEO Phoebe Boyer. The nonprofit must vacate its current space by August.
Andrew Silvester and Randy Sherman of MHP Real Estate Services represented Children’s Aid in the lease negotiations, while Paul Walker of CBRE represented the owner. [NYO] — Tess Hofmann