After a ten month search for more space, English-as-a-second-language school, Bluedata, signed a two year extension on the 10,900 square foot space at 1261 Broadway it has occupied for 15 years.
“It was a very intensive and extensive search,” said Perry Mesmer, executive managing director with Colliers International, who arranged the renewal on behalf of the tenant.
The renewal in the 1255 Company-owned building took effect on December 1, and the lease was signed in early November.
Located on West 31st Street between Broadway and the Avenue of the Americas, 1261 Broadway is a 12-story, 121,000 square-foot neo-classical high-rise building one block east of Penn Station and just south of Herald Square. The company was pleased to remain at 1261 Broadway, particularly due to the convenient train, bus, and subway access in and around Penn Station, Mr. Mesmer said. Bluedata occupies space on the 11th floor.
Bluedata had initially sought to move to a location offering between 15,000 and 20,000 square feet. In one set of negotiations, a deal was in place but the landlord changed the terms in the final moments and negotiations fell apart. Some landlords were put off by the prospect of leasing space to an educational facility, Mr. Mesmer said.
Looming fiscal cliff negotiations and economic uncertainty pressured the company to make a decision prior to the New Year, Mr. Mesmer added. Bluedata will seek more space in the future.
Bluedata did not respond to calls for comment for this article. Steve Marvin, of Olmstead Properties, represented the landlord. He could not be reached for comment.