Jonathan Rose Companies
 
National Audubon Society Real Estate Investment Strategy
New York, New York

The National Audubon Society purchased 700 Broadway, an architecturally significant building, and converted it into its national headquarters. In 1988, Audubon utilized state-of-the-art green technologies to improve energy efficiency and to increase public awareness of green design.

By 2000, Audubon made a strategic decision to concentrate on its geographically dispersed conservation field offices while maintaining a more modest headquarters. The decision to downsize its headquarters, coupled with dramatic price appreciation of real estate in Manhattan led Audubon to consider reducing operating costs and redeploying capital to support its goals by selling either its building and relocating, or by consolidating its offices onto fewer floors and selling the ground floor retail condominium.

As advisors to Audubon, Jonathan Rose Companies conducted a feasibility analysis that
included:
  • A valuation of 700 Broadway;
  • Analysis of Audubon’s future space needs;
  • Analysis of costs associated with relocation and consolidation;
  • Identification of leasing and office condominium opportunities in Manhattan and
  • elsewhere; and
  • Assessment of the performance of 700 Broadway in comparison to contemporary
  • green buildings.
Our feasibility analysis culminated in a presentation to the Board about the financial and green implications of various alternatives. Following the Board’s decision to sell 700 Broadway, Jonathan Rose Companies advised Audubon on all aspects of architect selection for the fit out of its new headquarters space in Manhattan.
National_Audubon1

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Firm Role
Real Estate Advisor, Project Manager, Planner

Project Profile
Feasibility Analysis, Real Estate Financial Analysis, Green Advisory Services, and Architect Selection and Programming Advice.

Project Team
Architect: FX Fowle
Atelier 10

Completion
Analysis and architect selection completed in 2006;
Design, construction and occupancy of new headquarters completed in April 2008
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