NEW YORK CITY-The New York City Chapter Alzheimer’s Associationwill double in size at its longtime home of 360 Lexington Ave.,says brokerage firm Cassidy Turley. Afterconsidering other options in the neighborhood, the nonprofit willexpand from 15,000 square feet to 30,400 square feet for a 15-yearterm inside the building.

Under the terms of the deal, landlord AEW CapitalManagement extended the chapter’s existing fourth floorlease beyond its original 2016 expiration date for an additional 10years in exchange for leasing the entire third floor for 15 years.“It speaks volumes about the quality of the owner,” DavidL. Hoffman, executive managing director and principal atCassidy Turley tells GlobeSt.com. “It gives tenants a lot ofcomfort about remaining in buildings like that knowing they aregoing to be cared for by the owner. That had a lot to do withit.”

Hoffman represented the owner along with vice chairmanRobert Billingsley and managing directorWendy Miller at Cassidy Turley. The tenant wasrepresented by David Kaplansky at JonesLang LaSalle.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.