44 Wall Street / Photo credit: Kevin Chu and Jessica Paul Photography
NEW YORK CITY – The EQ Office has agreed to rent space on 44 Wall Street to the Cities for Financial Empowerment Fund. The nonprofit is expanding its total space in the financial district office building to 5,635 square feet and extending its lease through 2030. Although the requested rent has not been disclosed, a source close to the business tells GlobeSt.com that it is around mid-fiscal year $ 60s.
The CFE Fund provides finance and technical support to mayor’s administrations to improve housing stability. They help set up programs and set guidelines in local government to improve the financial situation of individuals and families.
The tenant will move to part of the 10th floor in the first quarter of 2020 after the space has been expanded by EQ Office.
Scott Silverstein represented the EQ Office internally with Zachary Price from CBRE, Michael Rizzo, Jeffrey Fischer and Caroline Merck. Darell Handler of the Handler Real Estate Organization represented the CFE Fund.
"We are excited to expand our relationship with the Cities for Financial Empowerment Fund and to accommodate the company's growth," said Silverstein.
"We've done dozens of charitable deals, but working with the team at 44 Wall Street has been particularly enjoyable as we were able to renew the lease for a significant and important organization in one of the most sought-after buildings in Lower Manhattan," said Handler.
The EQ Office recently completed the renovation of the historic 24-story downtown skyscraper, which was originally built in 1927. In addition to the construction of several prefabricated floors, the improvement of the 350,000 square meter tower also included the redesign of the lobby. The work of art by New York street artist Hellbent now on display led Architectural Digest to put the property on the list of "12 New York Office Buildings With The Most Incredible Artworks".
EQ Office acquired the building in June 2016 and repositioned it to attract new tenants. In April, global apparel company SMCP Brands moved its North American headquarters and showroom into the building. A few weeks earlier, the marketing technology company Contently had agreed to move its headquarters to the tower. Other tenants who have moved into the building have helped keep downtown not just financial services. This included the tech company GameChanger; Advertising agencies Joan Creative and Giant Spoon; and global cellphone company and smartphone maker OnePlus.