Cushman & Wakefield announced today that it has advised American Bible Society (ABS) on the sale of its headquarters building at 1865 Broadway for $300 million to AvalonBay Communities, Inc.
“The 1865 Broadway property has served us well for nearly 50 years. The decision to sell the property was made to unlock the value of the site to further the mission of American Bible Society,” said ABS Board chairman, Nick Athens. “As we approach a third century of mission, we are laying the groundwork for the next 100 years of inviting people to experience the life-changing message of the Bible.”
A Cushman & Wakefield team led by Helen Hwang, Nat Rockett, Steve Kohn, Karen Wiedenmann and Brian Szczapa, represented American Bible Society in the transaction.
“We are extremely pleased to assist American Bible Society in a transaction that is so important to their mission,” said Hwang, a Cushman & Wakefield Executive Vice President. “Development sites with a significant footprint and meaningful scale almost never become available in Manhattan, let alone within a location with such a global presence. To complete a deal with AvalonBay just speaks volumes for the potential of this project.”
ABS recently announced plans for a new global headquarters in center city Philadelphia, merging staff from its current New York City and Valley Forge, Pennsylvania locations. A Cushman & Wakefield leasing team, led by Heather Sloan,Timothy Arizin and Edward Weiss, assisted American Bible Society in selecting its new ministry site. In addition to staff offices, the new location will include a proposed ground-floor Bible Discovery Center on the doorstep of Philadelphia’s Independence Mall.
“American Bible Society has a remarkable Scripture collection of over 50,000 volumes in 2,500 languages,” said Heather Sloan, a Cushman & Wakefield Associate Director. “That collection will now be just steps from where the Declaration of Independence was signed, close to many other incredible museums and historical sites, continuing the transformation of Independence Mall in Philadelphia. Cushman & Wakefield is honored to have assisted American Bible Society with its headquarters relocation.”
The Cushman & Wakefield team also included Jeff Lessard, Austin Dimitry and Paul Barrett of Global Business Consulting, and David Wenk, Anthony Pasqual and Frank Tan of Corporate Finance & Investment Banking.