The Foundation wanted to streamline and modernize its operations with larger, more efficient space.
New York, NY (PRWEB) October 28, 2014
In a transaction that highlights Midtown East’s appeal as a destination for international organizations, the Foundation for the Global Compact will soon relocate to a new headquarters space near the United Nations. The Foundation is based on the principle that public-private collaboration is essential to find lasting solutions to pressing global problems.
The organization, a non-profit entity established to support the United Nations Global Compact – the largest corporate sustainability initiative in the world -- has signed a 15-year 27,235 square foot lease comprising the entire 12th floor at 685 Third Avenue.
The Foundation currently occupies 9,800 square feet at 801 Second Avenue and the Global Compact occupies an additional space within the United Nations. The new location will result in the non-profit nearly doubling its Manhattan real estate footprint to accommodate the growth of the organization. It is expected to take occupancy in the first quarter of 2015.
The Foundation for the Global Compact was represented by Daniel O. Horowitz, Executive Vice President, Christopher P. Foerch, Assistant Director, Jeffrey I. Peck, Senior Managing Director and Joseph Messina, Executive Managing Director, with global commercial real estate services firm Savills Studley. Paul Amrich and Zachary Freeman of CBRE represented the landlord, TIAA-CREF. Asking rents were $60.00 per square foot.
According to Mr. Horowitz, a veteran of the commercial real estate industry who has represented tenants in transactions exceeding 4 million square feet of space, the Foundation for the Global Compact needed to consolidate certain organizational personnel that were spread among non-contiguous floors in two separate buildings, both inside and outside of the UN properties. “The Foundation wanted to streamline and modernize its operations with larger, more efficient space,” he said, noting that its new floorplate is “flooded” with natural light, lending it well to their workplace environment, which is a hybrid of private offices and open collaborative space. “In addition to supporting its increasing headcount, the Foundation chose 685 Third Avenue due to TIAA-CREF’s sustainable practices and commitment to the environment which reflected the UN Global Compact’s mission.” Mr. Foerch added “TIAA-CREF’s significant recent investment in upgrading the building, coupled with their reputation as a quality, stable owner were strong attributes in deciding to move to 685 Third Avenue.”
“It was essential for us to consolidate our two offices into one effective work environment,” said Alex Stein, Managing Director at the Foundation for the Global Compact. “As we continue to grow quickly, we remain committed to building upon the collaborative culture of the Foundation.”
The Foundation provides funds for projects that seek to raise awareness of the UN Global Compact, with 8,000 corporate signatories based in more than 140 countries, and local networks in over 80 counties. The UN Global Compact is a strategic policy initiative for businesses that are committed to aligning their operations and strategies with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption. By doing so, business, as a primary driver of globalization, can help ensure that markets, commerce, technology and finance advance in ways that benefit economies and societies everywhere.
About Savills Studley
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