Cushman & Wakefield announced today that the real estate services firm has completed two transactions on behalf of Somerset Group, a privately held real estate investment, management and development organization, at 205 & 215 Lexington Avenue. Tenants ArchCare and GRACE Communication Foundation have agreed to long term lease renewals with the landlord that total more than 40,000 square feet combined.
A Cushman & Wakefield team consisting of Vice Chairman David Hoffman and Senior Director Bryan Boisi represented the landlord, Somerset Group in the transaction.
“We were able to successfully retain and expand ArchCare by accommodating a consolidation of various offices into 205 Lexington Avenue,” said Cushman & Wakefield’s Bryan Boisi. “Additionally, we were able to renew GRACE Communication Foundation by working on a comprehensive renovation of the premises.”
“It is validating to us as landlords to see our existing tenants renew and expand,” said David Eshaghian, principal of the Somerset Group. “They see us daily, and we think they appreciate the value of leasing office space in an owner-occupied building.”
ArchCare, one of the largest Catholic continuing care systems in the nation, will expand to occupy 27,000 square feet throughout multiple floors at 205 Lexington Avenue. The additional office space will be used for administrative needs. ArchCare was represented by Mary Ann Tighe, David Hollander, Lauren Crowley and Liz Lash of CBRE.
GRACE Communications Foundation, which looks to increase public awareness of environmental issues, is now occupying the entire 10th floor, totaling 13,026 square feet, at 215 Lexington Avenue. Grace was represented by Daniel Thompson of Savills Studley.
Located in Manhattan’s Murray Hill neighborhood, 205 & 215 Lexington Avenue are conveniently one block from the 33rd Street Subway station.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
