NEW YORK CITY—The Wallace Foundation is setting up new headquarters in 26,206 square feet at 140 Broadway in Lower Manhattan. The non-profit signed a 15-year lease, for the entire 49th floor. Currently at 5 Penn Plaza, the Wallace Foundation plans to relocate in the fourth quarter of 2019. The leasing price was not disclosed.

According to Property Shark, 140 Broadway, also known as the Marine Midland Building, is a 1.2 million square-foot structure owned by 140 BW LLC. The real estate data website also lists Berrit Emme, Rolf Zamkow and Sabine Ruppel with the limited liability corporation. The 140 Broadway website lists Union Investment Real Estate GmbH as the building owners.

Built in 1967, the 51-story, steel frame office skyscraper is known for Isamu Noguchi's “Red Cube” sculpture that balances on one of its corners on the property's plaza across from Zuccotti Park.

The Wallace Foundation's mission is to foster education with disadvantaged children and to support the arts for the general public. With assets of approximately $1.5 billion, it is one of the nation's 50 largest private foundations. Its origins date back a half century to the philanthropy of DeWitt and Lila Acheson Wallace, the founders of the Reader's Digest Association.

All brokers negotiating this lease were from Cushman & Wakefield. Andrew Chase, Carri Lyon and Wes Rudes represented the tenant. Robert Constable, Myles Fennon and Edward “Mac” Mombello represented the landlord.

“The Wallace Foundation was looking for a space that supports the foundation's culture and collaborative and interdisciplinary work process,” says Lyon, who co-chairs the brokerage's national not-for-profit advisory group. “140 Broadway offers a bright, open space for the foundation's new headquarters with the convenience of a highly accessible location.”

Instant Insights /

Wallace Foundation Moves Downtown to 140 Broadway

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