June 14, 2018
New York – Transwestern today announces Stephen Powers has been promoted to Managing Director overseeing the firm’s Nonprofit Advisory Group. Powers will use his extensive experience advising nonprofit operators to develop a nationwide network of nonprofit real estate experts.
“Nonprofits rarely have in-house real estate expertise since it’s not core to their mission, despite its critical role in supporting programs and staff,” said Powers. “We go beyond simply brokering a transaction to ensure that the mission of the nonprofit leads the real estate strategy. Giving back to the communities we serve has always been one of Transwestern’s guiding principles, and this expanded service offering will allow us to do that on an even greater scale.”
Transwestern’s nonprofit clients have realized significant savings through the firm’s mission-driven approach. Transwestern advised Children’s Aid, a private child welfare organization in New York City, on its acquisition of a 65,000-square-foot office condominium under construction in Harlem to be used as its new headquarters. Also in New York, Transwestern negotiated a 45-year lease for Neighborhood Charter School to develop a 60,000-square-foot facility in the Bronx. In Chicago, Transwestern assisted in creating the 40,000-square-foot Literacenter, the country’s first shared workspace for more than 70 organizations dedicated to literacy. In all three cases, the team relied on an in-depth understanding of the local tax code to develop a cost-effective strategy.
Building upon 16 brokers in New York who specialize in advising nonprofits, Powers will create a nationwide network that will assist organizations in identifying favorable buildings and landlords, structuring deals to benefit the organization, maximizing tax-exempt status throughout a transaction and occupancy, mitigating construction risk, and acting as an extension of the nonprofit to support its mission.
“Transwestern is committed to being a valuable partner for nonprofit organizations throughout the country,” said Powers. “The percentage of nonprofit budgets spent on real estate has doubled since 2008, and many charitable organizations may unknowingly be leaving funds on the table. Our team of experts can help recoup those costs through a targeted real estate strategy.”
Chip Clarke, Transwestern’s President ¦ Americas, added, “Stephen’s experience working with nonprofits has significant and positive impact on the ability for his clients to carry out their missions more effectively. Transwestern recognizes the importance of enabling nonprofits to better serve their communities, and we are committed to working as a partner for nonprofit organizations nationwide to help them achieve their goals.”
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 211 offices in 36 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.