November 28, 2005
NON-PROFITS GO SEPARATE WAYS
By Julie Satow
Two nonprofits that have shared the same office space since they were each founded 25 years ago are going their separate ways.
Community Resource Exchange, a management consulting firm for nonprofits, has shacked up with FoodChange, which advocates for the hungry, at various locations since 1980. The two occupy the entire 10th floor, or 17,000 square feet, at 39 Broadway, between Morris Street and Exchange Alley.
Now, the expansion plans of both nonprofits have caused a real estate split. CRE, which occupies 7,000 square feet at 39 Broadway, has signed a 10,000-square-foot lease at nearby 42 Broadway. FoodChange will expand into the space that CRE is vacating.
Cammeby's International owns both buildings. The landlord, represented by the Lawrence Group, released CRE from its lease at 39 Broadway and is allowing it to pay the same rent at the new office, even though the space is 3,000 square feet larger. The landlord also agreed to build out a conference room and a training and translation center. Asking rents in both buildings are in the mid-$20s.
"It is a weak market; you can do deals like this," says Charles Isaacs, the president of CSI Consultants Inc., which represented CRE. Negotiating the new lease took 14 months.
©2005 Crain Communications Inc.