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New York University has committed to a total of 100k SF at 180 Madison Ave, where the school plans a new research facility.
Later this year, the school will occupy 58k SF in the building, and as leases expire, it will take over an additional 41k SF, The Real Deal reports.
Asking rent on the long-term lease was $59/SF. PGIM, née Prudential Real Estate Investor, bought the 23-story building with the now-defunct Clarett Group in 2008 for $146.2M.
A 2015 renovation was aimed at attracting technology, advertising, media and information tenants. That same year, JPMorgan Chase and German bank Helaba put together a refinancing package on the property for $110M.
NYU is making significant moves in its traditional stomping grounds of Greenwich Village. It is proceeding with a 2M SF expansion there, and it plans a 735k SF academic building at 181 Mercer St. that’s expected to cost $1B and open its doors in 2021.
NYU also just announced a major commitment of funding to expand its operations in Brooklyn. CBRE’s Evan Haskell, Caroline Merck, Alexander Golod and Glenn Issaacson (now with Cushman & Wakefield) repped the landlord. Cushman & Wakefield’s Bruce Mosler and Mark Mandell repped the tenant. [TRD]
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