Lease Beat

CVS Signs for Ground Floor at the New School’s University Center

University Center

Drug store giant CVS/pharmacy has signed a lease for 9,000 square feet of retail space for as long as 25 years on the ground floor of the New School’s University Center, the school announced this morning.

A 24-hour pharmacy will open in September with LED lighting, local construction materials and window displays by students from Parsons design school, according to the press release. Read More

Manhattan Market Report

Education Sector’s Manhattan Office Space Surges With Monster Deals and Expansions

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Though it still makes up just two percent of the Manhattan office market’s total inventory, a number of significant deals have caused a surge in the education sector’s Manhattan footprint.

A report from CBRE attributes the 47 percent jump in office space leased by the sector – between 2005 and November 2012 – to a growing residential population, increases in enrollment at universities, campus expansions, greater availability and lower asking rents in sections of Midtown South and Downtown. Read More