Transwestern’s Nonprofit Advisory Services Team Counsels Agency in Both Transactions
February 06, 2020
New York City – Transwestern Commercial Services (TCS) today announces it represented Sheltering Arms in two transactions: a 25,000-square-foot headquarters lease at 25 Broadway in Lower Manhattan and the $7.5 million sale of one floor of its current headquarters at 305 Seventh Ave. in Midtown. Transwestern Partners Lindsay Ornstein and Stephen Powers, Vice President Thomas Hines and Senior Associate Jake Cinti provided Occupier Solutions services for Sheltering Arms.
Sheltering Arms Children and Family Services is a social services agency that serves at-risk children, youth and families across New York City through a wide variety of programs. The agency’s mission is to address the effects of social inequity by increasing opportunities for the city’s most underserved communities.
“Sheltering Arms is thrilled to move into its new headquarters, which better accommodates our growing organization that has doubled in size in recent years,” said Elizabeth McCarthy, CEO of Sheltering Arms. “As Sheltering Arms approaches 200 years in operation, the new space is optimized for collaboration and inclusivity and is forward-looking, reflecting the future of our organization.”
“On behalf of the Board, we thank Transwestern for its guidance and partnership,” said Ken Kramer, Chair of the Sheltering Arms Board of Directors. “These decisions allow us to invest in the organization and ensure its long-term sustainability and ability to serve New York City's children and families far into the future.”
Sheltering Arms is expected to move to 25 Broadway, also known as the Cunard Building, in mid-2020. The new location enables the agency to be on a single floor, increasing layout efficiencies and fostering internal collaboration. The building is near public transportation, which is critical for the agency’s employees who service thousands of children and families throughout the boroughs. Sheltering Arms will join several other nonprofits at the 22-story, Class A building, including Relay Graduate School of Education, Teach for America and the American Thoracic Society. The building owner was represented in the lease by CBRE brokers Bruce Surry, Richard Levine and Gary Kamenetsky.
Transwestern is also working with Sheltering Arms to sell its current, three-floor commercial condominium at 305 Seventh Ave. The third floor, comprising 9,476 square feet, has been sold to the Consortium for Workers Education (CWE), a nonprofit agency that provides a wide array of workforce preparation, industry-specific training and employment services to more than 70,000 New York City workers annually. CWE was represented in the transaction by Neil Lipinski of Lipinski Real Estate Advisors.
“We are proud to counsel Sheltering Arms in optimizing its real estate portfolio to maximize its ability to deliver on mission and programs,” said Powers, who also leads Transwestern’s national Nonprofit Advisory Services. “A careful planning process resulted in the decision to sell Sheltering Arms’ current headquarters condominium floors, enabling the agency to relocate closer to the populations it serves, move the administrative offices to an efficient, single floor optimized to attract the best talent, and support portfolio-wide initiatives that will enable the continued growth of the organization.”
According to Transwestern research on New York City real estate, Manhattan’s Downtown market consisted of 92 million square feet of office space, with 12.1% availability and 10.3% vacancy, as of the close of fourth quarter 2019. For the same period, the World Trade Center submarket consisted of 34 million square feet of office space, with 12.2% availability and 11.4% vacancy.
ABOUT TRANSWESTERN COMMERCIAL SERVICES
Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.
ABOUT SHELTERING ARMS
At Sheltering Arms, our goal is to foster a society where every child and family we serve will have the opportunity to succeed and thrive. We address the effects of social inequity in the most challenged communities in New York City. Our innovative programs and compassionate services measurably enhance the education, well-being, and development of children, their families, and communities. We have maintained an unwavering commitment to our mission since 1831. Today, Sheltering Arms touches the lives of thousands New Yorkers each year. For more information, please visit the Sheltering Arms website (https://shelteringarmsny.org) or follow on Facebook, Instagram (@shelteringarmsny), and Twitter (@_ShelteringArms).