The New York City Economic Development Corporation is looking for a new home – a 250,000-square-foot spread either in the Financial District or Downtown Brooklyn.
The nonprofit agency hired a Newmark Grubb Knight Frank team led by James Kuhn and Neil Goldmacher to advise on the search, sources told The Real Deal.
EDC occupies about 262,500 square feet across seven floors at Savanna and KBS Capital Advisors’ 110 William Street. The agency houses more than 500 employees in the space, which it has leased since 1992. The office spread represents nearly a third of the 32-story, 928,000-square-foot tower.
Although its lease does not expire until August 2019, sources said the agency wants to find a new office by the end of this year.
A source close to the agency said it is looking for a more modern building. “Its current space presents a number of challenges, including insufficient natural light in the interior and varying heating and air conditioning quality within floors,” the source said.
The quasi-city agency, which manages about 60 million square feet of New York City real estate, will soon begin touring properties that have at least 200,000 square feet up for grabs, sources said.