JLL Relocates YAI HQ to 220 E. 42nd Street
Not-for-profit organization supporting people with disabilities to occupy 75,353 square feet at land-marked News Building
NEW YORK, February 6, 2019 — JLL has completed a new transaction to relocate Young Adult Institute Inc.’s (YAI) headquarters to SL Green Realty Corp.’s 220 East 42nd Street, also known as the News Building. The not-for-profit health, education and social services organization, which offers innovative support and services for children and adults with intellectual and developmental disabilities, signed an agreement to convey a 30-year leasehold condominium interest covering 75,353 square feet with a private entrance on 41st Street, at the Class A, 1.2 million-square-foot office building.
One of the largest not-for-profits in the region, YAI was represented by Matthew Astrachan, vice chairman; Joseph Messina, executive managing director; Simon Landmann, senior vice president; and Zachary Azus, associate, all with JLL. Building owner SL Green was represented in-house by Lawrence Swiger, along with Tara Stacom, Barry Zeller, Justin Royce, Connor Daugstrup and Pierce Hance of Cushman & Wakefield Inc.
“YAI performs a tremendous service in supporting thousands of New Yorkers with disabilities to live independent lives,” said Astrachan. “To accommodate strategic growth and increased staffing, YAI sought a central location with excellent mass transit accessibility and the News Building proved to be an ideal location. SL Green provided YAI with a dedicated entrance and a large, full floor that can accommodate all of its existing functions with room to grow in a brand-new collaborative environment.”
YAI inked the transaction for 75,353 square feet and will occupy a portion of the seventh and entire eighth floors at the News Building. Additionally, YAI will have a private entrance located on the 41st Street side of 220 East 42nd Street. The organization is relocating to the building from 460 West 34th Street.
“YAI has changed over the past few years, providing more integrated services that reflect the dynamism of our field,” said George Contos, YAI’s CEO. “JLL and SLG helped YAI identify a favorable location to equip YAI to better meet the needs of those we serve efficiently, collegially and collaboratively.”
The 37-story 220 East 42nd Street was designed by Raymond Hood and John Mead Howells and constructed in 1930. The Art Deco building once served as the original headquarters of the Daily News and also as the headquarters for United Press International.
In addition to being recognized by New York City’s Landmarks Preservation Commission, 220 East 42nd Street was designated as a National Historic Landmark in 1989. The world’s largest indoor globe, made famous by the original Superman television series and feature films, occupies the center of the dramatic lobby under a black glass-domed ceiling. The building’s tower floors offer spectacular views of the East River and downtown Manhattan’s skyline.
The property meets U.S. Green Building Council standards for Leadership in Energy and Environmental Design Gold Certification, and is Wired Silver certified and Energy Star rated.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2017, the New York tri-state team completed approximately 40.9 million square feet of lease transactions; arranged investment sales, notes, debt and equity transactions valued at more than $1.6 billion; managed projects valued at $7.9 billion; and oversaw a property management, facilities management and agency leasing portfolio exceeding 147.8 million square feet.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Young Adult Institute Inc.
Young Adult Institute Inc. was launched in February 1957 out of a small school in Brooklyn, N.Y. Today, YAI has a team of more than 4,000 employees and supports more than 20,000 people with intellectual and developmental disabilities annually. This extraordinary growth shows the ongoing need for these important services, and YAI’s success in offering them. YAI supports people with autism, Down syndrome, and Cerebral Palsy, among others. Operating throughout Downstate New York and Northern New Jersey, YAI now offers more than 300 programs for people of all ages.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2016, the Company held interests in 119 Manhattan buildings totaling 44.7 million square feet. This included ownership interests in 28.0 million square feet of commercial buildings and debt and preferred equity investments secured by 16.7 million square feet of buildings. In addition, the Company held ownership interests in 31 suburban buildings totaling 4.9 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey. To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at (212) 594-2700.