Merger of Three Lupus Organizations Sign 13,541 Square Foot Full Floor Lease at Landmark Midtown Office Tower;Serving as Alliance Headquarters
Susan Kahaner and Jennifer Ogden, Senior Directors in the New York office of Avison Young, represented the Lupus Research Alliance, the largest private sector organization dedicated to supporting and funding biomedical research for lupus,in its new10-year,13,541-square-foot lease at 275 Madison Avenue. The 329,000-square-foot, 43-story office building,located at the southeast corner of Madison Avenue and East 40th Street, is a designated New York City landmark property, renowned for its classic art deco design.
The non-profit organization leased the entire tenth floor of the prominent midtown property and the new built-to-suitspace will serve as their headquarters. The recently formed Lupus Research Alliance is a merger of three of the most prominent lupus associations in the world, The Alliance for Lupus Research, The Lupus Research Institute and the S.L.E. Lupus Foundation, representing over 75 years of collective research programs.
The newly designedoffice at 275 Madison Avenue was specifically created to support the goals of the Lupus Research Alliance. The space is large enough for the three groups to pool resources and carry on its support for research towards the prevention, treatment and cure of lupus, yet remains within the budget requirements of a non-profit organization. In addition, leasing an entire floor will comfortably accommodate all three organizations.
“Our years of experience working withthe non-profit communityserved us well in the hunt for the perfect location to house the Lupus Research Alliance,” said Kahaner. “We looked at a number of options but after a careful search, the space at 275 Madison Avenue offered everything the Alliance was looking for to build a contemporary,cutting-edge research facility that will help carry on their mission. We’re thrilled to welcome this world-renowned organization to their new permanent home.”
Ogden adds, “The new space will foster collaborationbetween the three partner organizations, allowing them to continue pursuing breakthrough discoveries that will have a global impact in the fight against this devastating autoimmune disease affecting millions of people worldwide.”
The new space offers a high ratio of windows allowing the Lupus Research Alliance staff to have private offices, as well as an over-sized boardroom to host large meetings and lectures/training sessions. The 275 Madison Avenue property also offers a number of amenities for its tenants including a secured lobby with 24/7 access as well as a number of mass transit options with its close proximity to Grand Central Terminal.
Kahaner and Ogden specialize in working with the non-profit community and Kahner has represented the Alliance for Lupus Research in previous lease transactions.Oliver Katcher, an executive vice president with Jones Lang LaSalle, represented ownership in the deal.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 78 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
