UPDATED, Sept. 26, 9:20 a.m.: The Clinton Foundation signed a sublease for more than 36,000 square feet at the Paramount Group’s 1633 Broadway.
The nonprofit inked an 11-year sublease with the ad delivery firm Extreme Reach for the entire 36,393-square-foot fifth floor, Commercial Observer reported. Asking rent in the deal was $58 per square foot.
“The Clinton Foundation’s work has continued strong in 2017,” a spokesperson for the group said. “Our lease is up at the end of the year, and as part of major renovations to our current building, all tenants have been asked to vacate.”
Extreme Reach occupies the fifth and sixth floors at the 48-story tower. The 20-year-old Clinton Foundation plans to relocate its offices from the Rockefeller Group’s 1271 Sixth Avenue.
Keith Caggiano and Roshan Shah of CBRE represented the foundation, while Cushman & Wakefield’s Mark Weiss and Seth Hecht negotiated on behalf of Extreme Reach.
Other tenants in the Paramount Group building include Allianz Global, Morgan Stanley and the travel-management company Tzell Travel Group.
The deal comes after the Clinton Global Initiative, the networking platform for the Clinton Foundation, filed a notice with the state Department of Labor in January notifying the agency that it would close its office at 1271 Sixth Avenue and lay off 22 employees. [CO] – Rich Bockmann
Correction: Due to an error in the source article, additional tenants at 1633 Broadway were incorrectly identified.