Planned Parenthood relocating to ARC’s 123 William Street
Nonprofit is selling its 70K sf condo at 434 W 33rd St.
Planned Parenthood is ditching its current office condominium on Manhattan’s West Side and leasing a space in Lower Manhattan at American Realty Capital’s 123 William Street.
The reproductive health nonprofit’s new lease is a 15-year deal for 65,000 square feet on the ninth through 11th floors of 123 William Street, according to Crain’s.
American Realty Capital recently purchased the building from a partnership between East End Capital and GreenOak Real Estate for $253 million. Planned Parenthood was represented by broker Suzanne Sunshine, while the building is represented by CBRE’s Brad Gerla and Jonathan Cope.
Its former 70,000-square-foot office space at the base of 434 West 33rd is now on the market with Eastdil Secured and Planned Parenthood expects to sell it for at least $35 million, according to Crain’s. Several sources told the magazine that Brookfield Property Partners, which is developing Manhattan West in the area, will be the likely buyer. Brookfield is reportedly in talks to acquire the rest of the 13-story building from Vectra Management Group. [Crain’s] — Tess Hofmann