Commercial Observer Now: Daycare Service Signs at 4 New York Plaza
Daycare Service Signs at 4 New York Plaza
Childrens Creative Learning Centers has signed a lease to take a 5,500-square-foot retail space at Four New York Plaza for an early childhood education and care center, the company announced.
CCLC operates another such facility at 90 Park Avenue, which opened earlier this year.
“In meeting with New York City businesses, we’ve already seen a tremendous interest in backup care services, and CCLC is thrilled to bring this much-needed service to employers and hard working parents,” Fran Durekas, CCLC’s founder and chief development officer, said in a statement that was released for the deal at 90 Park. “Our goal is to give parents the flexibility and peace of mind to make last-minute child care decisions by providing businesses with a trusted and safe environment that they can offer to employees.”
Andrew Cohen, an executive at CCLC, told The Commercial Observer that the company had been searching for a Downtown location.
“We were in Midtown but we have a lot of clients Downtown where we knew there was a lot of demand,” he said.
CCLC mainly works under contract with companies to provide day care and education services for their employees’ children.
Four New York Plaza, where CCLC will be opening later this year, was sold in recent months to an investment partnership between HSBC and Edge Fund Advisors. Harbor Group International purchased the roughly one million-square-foot office tower at the depths of the recession for a little over $100 million and sold it to the partnership for more than double what it paid, about $265 million.
The deal with CCLC was one among a number of leasing transactions Harbor arranged at the tower that helped it so dramatically boost its value in such a short a short period. Harbor brought U.S. News and World Report, the Daily News and also the publisher of the National Enquirer, American Media, to base floors at the property. JP Morgan Chase occupies the bulk of the tower.
In the deal with CCLC, Jonathan Krivine, a retail leasing broker at Newmark Grubb Knight Frank Retail, represented the tenant. Lee Block and Darrell Rubens, executives at Winick Realty, represented ownership, which started with Harbor and transitioned to HSBC and Edge Fund Advisors before the lease was finished.
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commercial observer now-053112-Daycare Service Signs at 4 New York Plaza
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The Real Estate Board of New York released the candidates for its annual “Retail Deal of the Year” awards yesterday. This year’s field includes 10 transactions. The winner will be announced at an awards ceremony on June 12. As would be expected, the lineup includes a number of prominent leases.
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