District Council 1707
Project: Lease and Renovation of 67,706- Square Foot Midtown Home
Project Location: 414-422 W. 45th Street
Project Cost: Asking rent: $22 per Rentable Square Foot; $6 Million Renovation
Architect: Jacobson Shinoda Architects PC
Client Profile: Tracing its origins back to 1932, DC 1707 is one of 60 district councils within the American Federation of State County and Municipal Employees (AFSCME). Its 25,000 members work in day care and head start centers, national membership and fundraising organizations, educational and social service institutes, and home care organizations.
Project Description: Faced with rising occupancy costs at the expiration of its lease, DC 1707 hired Denham Wolf as its broker to analyze alternative space options with the goal of providing long-term stability for the organization’s multiple operations.
After a comprehensive search, Denham Wolf secured an off-market deal for a 20-year triple net lease. The 67,706-square-foot building at 414-422 West 45th Street was the original Sweets Company of America factory where Tootsie Rolls were first mass-produced. DC 1707 will now use the building for its administrative and education functions.
Roles and Responsibilities: As Real Estate Broker, Denham Wolf:
- Advised DC 1707 regarding the prevailing market situation, renewal vs. relocation, lease vs. buy, and alternative options
- Identified suitable spaces
- Developed financial analyses to inform decision-making
- Negotiated the off-market transaction
Denham Wolf is now also serving as Project Manager for the Design & Construction phase of the $6 million renovation.