Michael J. Fox Foundation signs Fifth Avenue lease

The Michael J. Fox Foundation for Parkinson’s Research signed a new lease for about 69,000 square feet at 530 Fifth Ave., as the nonprofit plans to move from its longtime home while staying in midtown Manhattan.
The 10-year agreement covers two full floors in one of Manhattan’s most prominent office corridors, according to CoStar information.
The foundation was launched in 2000 to accelerate Parkinson’s research and created by the Back to the Future actor, who developed the degenerative neurological disease at age 29. It will occupy the entire fifth and sixth floors of the 26-story building between 44th and 45th streets starting in January, with lease expiration in December 2036. The starting rent is $25.23 per square foot per year.
The property, owned by RXR and Sagehall, recently underwent a $180 million recapitalization to reposition the tower with enhanced amenities for modern tenants. Other tenants at the Fifth Avenue building include solar energy company Cypress Creek Renewables, the New York City Police Foundation and flex-office provider Convene.
Before this deal, the Fox Foundation had maintained roughly 86,000 square feet at its longtime location at 111 W. 33rd St. near Penn Station.