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NEW YORK CITY-Covenant House, a childcare agency that began in New York in 1972, has leased 40,000 sf at 5 Penn Plaza to serve as its corporate headquarters. The company currently has a location on 17 Street that serves as a Covenant House location and the company’s headquarters, according to Peter Turchin of CB Richard Ellis, who represented the landlord in the transaction. It will move into the entire third floor and a portion of the second floor.

“It’s a good place for their headquarters and it’s very centrally located to the other [Covenant House] locations throughout the city,” Turchin says.

The decision to separate the executive offices from a Covenant House location, as is currently the situation, came about as the company decided to sell the 17 Street location.”They wanted a more upscale looking finish,” Turchin says.

The current space, which the company has already taken possession of, is raw; leaving Covenant House to construct the interior from scratch. Turchin estimates it will be four to five months before the facility is up and running.

A team led by Arthur Mirante, of Cushman & Wakefield, represented Covenant House in the deal. Terms of the deal were not disclosed.

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