NEW YORK CITY-A deal with several moving parts has culminated in the United Nations Population Fund signing up for 130,740 square feet in a 15-year lease at Fisher Brothers’ 605 Third Ave. The international development agency will move from the Daily News Building at 220 E. 42nd St. in October.
The population fund—also known as UNFPA, or the United Nations Fund for Population Activities, its original name—wasn’t looking to relocate, says Colliers International principal Andrew Roos, in a release. However, “they were able to take advantage of a unique opportunity that they simply could not turn down, both for the financial considerations and quality of the space. Not only is the space in excellent move-in condition, with new furniture that suits their needs, but the move allows UNFPA to house its vast workforce on three contiguous floors.”
Originally, the 605 Third space that UNFPA will soon occupy was leased to the Nielsen Co., which never used it. Nielsen sublet the space to Pfizer, represented by Pat Murphy and James Ackerson of CB Richard Ellis. But Pfizer sublet the space back to the landlord with seven-and-a-half years remaining, and Fisher Bros. leased the space directly to the UNFPA and added seven-and-a-half years. The fact that Pfizer left the installation in move-in condition will save the agency the time and expense of building out its new space, according to a release.
Although there were “some rent considerations,” says Roos, Fisher Brothers “recognized the benefits of having UNFPA occupy a large floor plate in the building.” Roos arranged the deal on behalf of UNFPA, while Fisher Bros.’ Jack Whalen provided in-house representation for the landlord.
Lease terms were not disclosed; asking rents for comparable properties in the area range from the $40s to low $50s per square foot. The UNFPA is the latest in a series of 100,000-plus-suqare-foot deals announced this week. The pending deal was first reported in the New York Post on July 15.
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