NEW YORK CITY—Non-profit employment assistance agencyFedCap Rehabilitation Services has sold itslongtime headquarters at 211 West 14th St. and has acquired anentire floor at the 633 Third Ave. office building here, more thandoubling its headquarters office space.

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The deals were announced by Savills Studley,which arranged both transactions. The brokerage says that toupgrade its real estate portfolio, FedCap sold its existing20,000-square-foot headquarters space at 211 West 14th St. to ajoint venture of Adellco and The CarlyleGroup.

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The organization, founded in 1935, then purchased a44,000-square-foot pre-built, Class A, turnkey office spacecomprising the entire sixth floor at 633 Third Ave. from theUnion for Reform Judaism. No financial details oneither transaction were reported. FedCap began its office searchmore than a year ago and had sought turnkey space that requiredlittle capital expenditure, according to Savills Studley.

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FedCap is a nonprofit that provides paths to employment andeconomic independence through education, workforce development,occupational health services and economic development.

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Savills Studley's EVP and co-branch manager IraSchuman, managing director David Carlos,corporate managing director Bruce Rothman andexecutive managing director Kurt Handschumacherarranged the deals for FedCap. Michele Arbeeny andDeborah Bindler of the law offices ofWindels Marx Lane & Mittendorf, LLPrepresented FedCap in both transactions.

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“In a transaction structure like this, nonprofits have a greatadvantage when owning their space because it gives the organizationthe ability to control costs,” Schuman says. “FedCap wanted toestablish its presence in Midtown while continuing to own a portionof its real estate portfolio and grow its overall footprint.”

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.