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Case Study

Institute for Community Living

Institute for Community Living
 
Situation / Process
ICL has occupied two separate suites at 40 Rector Street for nearly 30 years.

The space was nearly obsolete, the building was run down and the growing staff could no longer be accommodated.
 
The JLL team evaluated stay vs. move and lease vs. purchase in various submarkets in Manhattan from both a financial and operational perspective.
The strategic plan demonstrated that the best financial option was to move to a consolidated lease space.
Results
JLL negotiated a 45,000-s.f. lease at 125 Broad Street that included a full build-out and above-market construction incentives from the landlord. Additionally, our team is managing the construction of the new office space.

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