SAN FRANCISCO - Tides Shared Spaces, a program of the Tides network of nonprofit organizations, today announced that it has successfully purchased 40,000 square feet of office space located at 15 Broad Street in Lower Manhattan. The office space will house Thoreau Center New York, a multi- tenant nonprofit center that will provide quality work and program space for New York City nonprofit and cultural organizations. Tides Shared Spaces, the Tides initiative that creates, operates and promotes sustainable workspace for nonprofits, conceived and developed the real estate project and will operate the space.
Thoreau Center New York will provide stable rental rates for nonprofits, as well as conference center facilities and opportunities for tenant collaboration and sharing. Some office space has already been leased and remaining spaces in the highly desirable location are expected to go quickly. Thoreau Center New York's design will use a "green" environmentally sustainable architectural plan, incorporating elements such as sustainably harvested wood, recycled building materials, non-toxic paints and energy efficient mechanical systems. After renovation, the space will be open to tenants and the community in summer 2006.
"In order for nonprofits to continue their important contributions to society, they need stable, program enhancing space," said China Brotsky, Vice President, Tides leading the Tides Shared Spaces program. "With the creation of Thoreau Center New York, Tides Shared Spaces is continuing its mission to create multi-tenant nonprofit centers. New York nonprofits now have an opportunity to lease quality space in an important area where nonprofits are often priced out of the rental market."
Bridge funding for Thoreau Center New York was provided by Wells Fargo Bank with long-term financing planned using tax exempt bonds issued by New York City Industrial Development Agency (IDA). Subsequent program-related investments are expected from supportive philanthropic sources.
"This project is the latest example of the diversification of the Lower Manhattan economy and the changes taking place downtown," said Steven Berzin, New York City Industrial Development Agency (IDA), Executive Director. "Lower Manhattan is increasingly becoming home to companies outside the financial services sector, thereby broadening our economic base. With the forward thinking help of Tides, Thoreau Center New York exemplifies the kinds of initiatives that will preserve and expand not-for-profit occupancy in the financial district."
Thoreau Center New York is part of a larger nonprofit center which will occupy one third of the base of the 15 Broad Street building. A separate dedicated entrance at the Exchange Place side of the building has been secured - 55 Exchange Place - for the center. Lower Manhattan, the historic downtown center of New York City, is the third largest central business district in the country. The nonprofit center will greatly increase the nonprofit sector presence in this area which is a hub of global finance, the center of New York City's government, and the home of many educational, historical and cultural institutions and museums.
"A single nonprofit does not have the sufficient size to compete against other buyers or developers that purchase affordable New York City space on a wholesale basis. Tides was the catalyst that brought the vision and built the consensus among various nonprofits to create this center. This is one of the most creative transactions of the year," said Marjorie Torres, Chief Executive Officer of Concrete Stories, the real estate advisory firm that provided key strategic advice, specialized nonprofit brokerage and property development services for the project.
With the new center, Tides Shared Spaces expects to create the same success as with the Thoreau Center for Sustainability in San Francisco, a thriving multi-tenant nonprofit center with 12 buildings housing over 60 organizations working for social and environmental sustainability. Thoreau Center for Sustainability supports the community through a program of educational events, and informational and art gallery exhibits. It has also incorporated green design and historic preservation.
About Tides Shared Spaces
Tides Shared Spaces is the Tides initiative that creates, operates and promotes sustainable workspace for nonprofits and strengthens nonprofit capacity in the real estate arena. Tides Shared Spaces operates Thoreau Center for Sustainability, a multi-tenant center for nonprofits that houses the Tides organizations and more than 60 other organizations in San Francisco. It also operates Thoreau Center New York, a nonprofit center in New York City. In addition, it houses The NonprofitCenters Network which provides education and peer networking nationally for people who run multi-tenant centers, those who are in the process of creating one and their philanthropic and real estate partners. For more information, visit http://www.thoreau.org and http://www.nonprofitcenters.org.
Tides Shared Spaces is part of the Tides network of organizations, a group of nonprofits that share a common vision for a healthy society - a society based on principles of social justice, broadly shared economic opportunity, a robust democratic process and sustainable environmental practices. The Tides network includes Tides Foundation, Tides Center, Tides, Inc., Tides Shared Spaces, Groundspring.org, and Community Clinics Initiative. For more information, visit http://www.tides.org