Cassidy Turley Negotiates 33 Year Lease for 104,500 Square Feet for The Bowery Residents' Committee (BRC)

NEW YORK, May 19 /PRNewswire/ -- Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that The Bowery Residents' Committee (BRC), a social service provider, has signed a 33 year lease at 127 W. 25th Street for 104,500 square feet of space. The space will be used to accommodate the organization's administrative headquarters and will house many of its programs, consolidating operations and services from multiple locations to assist its many clients.

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BRC expects to complete its improvements to 127 W. 25th Street, occupying the entire 12-story vertical campus and plans to move into the space by the end of the year.

"We were pleased with the result for BRC, giving them a single building to consolidate a number of their operations, while incorporating all of the capital required for this project," said David Lebenstein, Senior Managing Director/Director of Not-For-Profit Division at Cassidy Turley. "BRC will now have an expanded and superior facility at a reasonable cost."

Established in 1971, BRC is successfully breaking the cycle of homelessness in New York City. Offering a hand up, not a hand out, BRC helps thousands reclaim lives lost, restoring hope and dignity by offering opportunities for health and self-sufficiency.  One of the most effective housing and services nonprofits in New York, BRC operates a continuum of 27 programs throughout New York with over 500 employees.  As a result of the Chelsea project they will add an additional 90 permanent employees, and also create well over 100 construction jobs.

"Our Chelsea headquarters and vertical campus will enable us to accelerate our contribution to Mayor Bloomberg's goal of ending homelessness," said Muzzy Rosenblatt, Executive Director, BRC.  "At the same time, we will help accelerate the City's economic recovery, taking a virtually vacant building and bringing it to life, creating new jobs, and adding significantly to the economic activity of Chelsea.  The cost efficiencies we will achieve at this location will enable us to serve more people and do so more effectively."

Martin Meyer and Eric Meyer of Colliers International represented the landlord, Daniel Shavolian of Foremost Real Estate, the owner of the building. Assisting Mr. Lebenstein was his associate, Robair Reichenstein, Managing Director and a team including Debra Wollens, Len Eagle and Erik Sznip at Cassidy Turley.

About Cassidy Turley Not-For-Profit Practice

Cassidy Turley Not-For-Profit Practice is a leader and premier provider of real estate services to the nonprofit and public sectors. The practice has provided real estate solutions to more than 300 organizations and agencies including Bowery Residents' Committee (BRC), Citizen Housing and Planning Council, Enterprise Community Partners, Fencer's Club, Public Health Solutions, NYC School Construction Authority, Robin Hood Foundation, Spence Chapin and the YMCA.

About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider in the U.S., with 420 million square feet of managed space, 58 locations and $13 billion in completed transactions for 2009. Cassidy Turley is comprised of industry-leading firms in their respective markets that share a common vision and strategy. The former firms and affiliations are:  Cassidy & Pinkard Colliers in Washington, DC, Colliers Turley Martin Tucker in the Midwest, Colliers ABR in New York City and Colliers Pinkard in Baltimore, Charlotte and Raleigh, along with the addition of NAI BT Commercial and CPS CORFAC in Northern California, Grubb & Ellis | BRE Commercial in Southern California and Phoenix, Colliers Houston & Co. in New Jersey and Colliers Barry in Wisconsin.  Outside of North America, Cassidy Turley partners with GVA Grimley, the founder and majority shareholder of GVA Worldwide. GVA Worldwide is a global service company with more than 70 locations. Collectively, the Cassidy Turley firms have over 360 shareholders.  Through its team of experienced service professionals, Cassidy Turley focuses on the needs of its clients, offering end-to-end services delivered across a full spectrum of commercial real estate including Capital Markets, Corporate Services (which supports more than 25,000 locations), Landlord and Tenant Representation and Property and Project Management. The firm also offers specialty services and industry focused practice groups as well as first class market research. In addition, Cassidy Turley is a leader in assisting clients to create more sustainable workplace environments.  The firm recently ranked in the Top 10 on the Lipsey Co.'s Commercial Real Estate Top Brands Survey. Please visit www.cassidyturley.com for more information about the company.

SOURCE Cassidy Turley