The New York County Law Association is looking to sell its Downtown Manhattan headquarters, an 87-year-old building that is likely worth at least $30 million.
The association is marketing 14 Vesey Street, a four-story landmarked building that spans 40,000 square feet, Crain’s reported. CBRE’s Edward Midgley, Timothy Sheehan and Daniel Kaplan are handling the listing. CBRE will also help NYCA find a new home if the building is sold.
The asking price is not yet clear, but office space in the area has gone for more than $500 per square foot. The building can be converted to several different uses, including a museum, a boutique office, retail or a members-only club.
Michael McNamara, NYCLA’s president, said the organization, which was founded in 1908, no longer needs as much space because much of its once-vast library is now digitized.
“We’re a forward-thinking association, and we want to be sensitive to the needs of our members in the 21st century,” McNamara said. “If you look at law firms across the industry, they look a lot different than they used to. The virtual world has become more important, and there’s a premium on technology and flexible space.” [Crain’s] — Kathryn Brenzel