The Michael J. Fox Foundation is shifting its New York headquarters to the heart of Midtown, locking in roughly 69,000 square feet at 530 Fifth Avenue. The move will shrink the nonprofit’s footprint from its current space on West 33rd Street as it retools its office layout for a more collaborative, flexible setup inside the full-block, 26-story tower between West 44th and West 45th Streets.
According to The Real Deal, the foundation has committed to about 69,000 square feet at RXR’s 530 Fifth Avenue. The publication reported that the asking rent and lease term were not disclosed, though asking rents at the property hovered around $80 per square foot as of January 2025.
Savills brokers Kirill Azovtsev, Shay Bolton and Meghan Marchini represented the Michael J. Fox Foundation in the transaction, while a CBRE team including Paul Amrich, Neil King and Meghan Allen negotiated on behalf of the owners, according to Commercial Observer. “Savills was pleased to structure an economical solution that delivers meaningful value while aligning with the foundation’s commitment to responsible resource stewardship,” Bolton said.
Sagehall joined RXR as an equity partner at the property early last year, and the partners recapitalized the building by injecting $70 million and arranging a five-year, $110 million loan facility from ING Capital to support a repositioning, The Real Deal reported. The full-block tower totals about 475,000 square feet and already counts Cypress Creek Renewables, the New York City Police Foundation, Arbiter Partners Capital Management and Convene among its tenants. Marketing materials highlight on-site Convene amenities along with recent lobby and infrastructure upgrades, per the building brochure at 530 Fifth Avenue.
What the Move Says About Midtown’s Office Market
The foundation’s choice to trade down in size while trading up in quality lines up with a broader pattern of tenants seeking smaller, higher-end spaces that function as collaboration hubs rather than sprawling traditional headquarters. CBRE notes in its Q1 2026 U.S. office market report that leasing activity and rent growth picked up in early 2026, while average deal sizes are still running below pre-pandemic levels. That backdrop is giving tenants leverage to prioritize efficiency and design over raw square footage, according to Plante Moran.
Vanessa Arnedo, the foundation’s chief people officer, told Commercial Observer that the new headquarters “aligns with the nonprofit’s need for dedicated collaborating, meeting and focused work areas, all in service of advancing our mission toward a cure.” The foundation has not publicly disclosed the lease duration or a firm move-in date.
For RXR and Sagehall, landing a high-profile, mission-driven tenant adds momentum to their repositioning campaign at 530 Fifth, as Midtown landlords compete to lure organizations chasing a flight-to-quality address. Deal terms remain private, and any forthcoming filings or formal announcements could shed more light on the specifics in the weeks ahead.
