In One of 2010’s Last Big Leases, 240K Feet for School

259tenth1.3vHScKXK 300x201 In One of 2010’s Last Big Leases, 240K Feet for School

259 10th Avenue

In 2008, former Esquire publisher Christopher Whittle began his quest on the West Side to open a $200 million for-profit school with top-notch teachers, but that search proved fruitless. Then, they hunted anew.

It was not easy, CB Richard Ellis broker David Maurer-Hollaender told The Commercial Observer, finding space in Manhattan big enough to house a school running from pre-kindergarten through grade 12. In the end, this past December, Avenues Education signed a lease for the 240,000-square-foot building at 10th Avenue, between 25th and 26th streets, taking it for almost half a century.

Disney was using the Chelsea warehouse to store props and sets, but it will undergo a $50 million renovation before the first class starts in fall 2012. Mr. Whittle and former Yale president Benno Schmidt will announce they’ve raised $75 million from two private-equity investors, according to the Wall Street Journal.

There was no asking rent, Mr. Maurer-Hollaender said, because the space was never formerly on the market. Not to mention, there aren’t that many comparable spaces around. It will be the first in a series of schools, which will open around the globe.

CBRE’s Glenn Isaacson and Stephen Siegel repped the tenant along with Mr. Maurer-Hollaender.

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