Leukemia & Lymphoma Society
Space 25,000 sq ft
Location 61 Broadway
The Leukemia and Lymphoma Society had been at 475 Park Avenue South for many years in about 10,000 s.f. They had outgrown their current space and needed immediate relief. Their lack of space was negatively affecting their ability to run their programs, recruit and raise money. They needed answers quickly.
LLS loved where they were on Park Avenue South in the heart of what has become a vibrant and dynamic neighborhood. However, as the area has transformed into a tech and media hub, deep-pocketed companies desperate for cool loft space have driven rents up dramatically.
When LLS realized that they needed more than 20,000 s.f., it quickly became clear that downtown was the place for them to be. After closely examining most of the major submarkets in Manhattan including space in their immediate area we zeroed in on the financial district in Downtown Manhattan. We identified several buildings with space that could work and let the different landlords compete for LLS’s tenancy. What we ended up with was a beautiful full floor at 61 Broadway that had high ceilings, great natural light and excellent access to all sorts of public transportation.
We knew the owners of 61 Broadway well and were clear they were an excellent operator and would construct a beautifully built space to LLS’s specifications. Based on the softer dynamics of the Downtown market and the financial strength of LLS, we were able to secure a truly remarkable deal that included more space at less than half the cost of what remaining in place would have cost. We also got the space built, with upgrades, entirely on the landlord’s dime. To top it off, we secured a full year of free rent for the tenant, subsequent to them taking possession of the new space. All told, LLS’s savings exceeded $5 million dollars over the term of the lease which allowed them to put more dollars into the amazing work they do.