M
anhattan office landlords may not be charity cases, but one building owner is likely benefiting from a local nonprofit's expansion. Catholic Charities of New York has signed a 30-year lease at 80 Maiden Lane in the Financial District, expanding its space by roughly 50,000 square feet to 77,000 square feet. This deal is notable as it represents the fifth-largest lease of the year in Manhattan's downtown office market.

    The building owners, Meadow Partners, A.M. Properties, and Cannon Hill Capital Partners, are converting Catholic Charities' expanded space into office condos, a move that benefits tax-exempt nonprofits like Catholic Charities. Asking rents at the building range from $40 to $49 per square foot, but the exact rent paid by Catholic Charities is unclear.

    The lease comes as Manhattan's downtown office market experiences a slowdown in leasing activity. While monthly volume fell by nearly a third from July to August, year-over-year activity remains strong, with Manhattan reaching nearly 21 million square feet in August. If current trends continue, the borough may surpass 30 million square feet in volume for the first time in five years.