Nonprofit organization United Cerebral Palsy of New York City has inked a deal for 218,000 square feet of office space at 80 West End Avenue, an industrial building on the Upper West Side owned by Extell Development and Kushner Companies.
The 30-year, triple-net lease is worth approximately $8.5 million in starting rent for the year, a source close to the deal told The Real Deal. Extell and Kushner acquired the building for $84 million in August, the source said.
Michael Berger of Colliers International represented UCP in the deal. The landlord negotiated directly.
UCP plans to renovate the property with funds obtained from the sale of its former headquarters, at 122-130 East 23rd Street. Homebuilder Toll Brothers inked a deal to purchase that property earlier this year, as The Real Deal first reported. The purchase price was $135 million.
To begin, the nonprofit will take the first, fourth, sixth and seventh floors of the property as well as the building’s rooftop, according to a statement from UCP, whose move to the Upper West Side was first reported by the New York Times. The remainder of the building is occupied by a Metropolitan Opera call center and cable provider RCN. – Katherine Clarke
Correction: In an earlier version of this story, TRD incorrectly stated that UCP’s triple-net lease was for 125,000 square feet. It is for 218,000 square feet.