Tides Shared Spaces, a program of the San Francisco-based Tides network of nonprofit organizations, has announced the purchase of 40,000 square feet of office space in New York City.
The space will house Thoreau Center New York, a multi-tenant nonprofit center that will provide quality work and program space, conference facilities, collaboration opportunities, and stable rental rates for local nonprofit and cultural organizations in Lower Manhattan.
The center'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. The renovated space will be open to tenants and the community in summer 2006. Some office space has already been leased, and the remaining space is expected to go quickly.
"In order for nonprofits to continue their important contributions to society, they need stable, program-enhancing space," said Tides vice president China Brotsky. "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."
Funding for the new center was provided by Wells Fargo Bank, with long-term financing from tax-exempt bonds issued by the New York City Industrial Development Agency and additional program-related investments from private sources planned for later.