Big Money Exodus: American Bible Society Sells NYC Building Ahead of Philly Move
It was just about a week ago that we told you the American Bible Society was packing up their Manhattan digs for new office space at 401 Market Street. The non-profit announced they will lease 100,000 square feet on the 8th and 9th floors and open a retail space on the ground floor. Naturally, you might ask, how will they fund the move?
By selling their perfectly located office tower near Central Park for $300 million, of course! The Wall Street Journal has more:
The winning offer from real-estate investment trust AvalonBay was one of about 25 domestic and international bids for the building, according to Cushman & Wakefield Inc., which advised the American Bible Society on the sale and its relocation.
AvalonBay hasn’t released many details as of yet. It is believed that they will demolish the building and construct a luxury residential high-rise containing street-level retail space.
ABS, on the other hand, looks to have played this perfectly. They sell their building at a premium and relocate to cheaper–but still prime–office space in the heart of Philadelphia. We also get to enjoy this subtle dig at New York City, compliments of Roy Peterson, president and CEO of ABS:
The society plans to lease its new headquarters in a Philadelphia neighborhood filled with historic attractions, which Mr. Peterson said was only fitting. “People come to New York for shopping, for Broadway,” he said. “They don’t come to New York to learn about our nation’s history or the Bible.”
• Bible Society Sells New York City Building for $300 Million [The Wall Street Journal]