Green Ivy Schools has signed a 25-year lease for 80,000 square feet in The Trump Building at 40 Wall Street, the New York Post reported this week. Asking rents were in the mid-$30s per square foot, according to the report.
The school, which will house pre-K through 8th grade, will open in fall 2014, while an additional preschool location will open in Battery Park City in fall 2013, according to Green Ivy’s website.
“We’re very excited about the space,” Donald Trump, Jr. told the Post. “The use will be great for the area and will revitalize the Pine Street entrance.” The Pine Street entrance will be used exclusively by the school, the Post reported.
Cushman & Wakefield (CWK) brokers Jeffrey Lichtenberg and Jared Horowitz represented the Trump Organization, according to the Post. Glenn Markman and Joseph Cirone represented Green Ivy in the transaction.
Green Ivy Schools was founded by Dr. Jennifer Jones, a resident of Lower Manhattan. The schools emphasize an active and engaging learning environment, according to the website.
Green Ivy aims to address the shortage of schools in Lower Manhattan, which has been exacerbated by the neighborhood’s exponential residential growth over the past decade. According to a 2011 report from the Downtown Alliance, the population in Lower Manhattan more than doubled from 2001 to 2011. At the time of the report it was expected the population would reach 60,000 by 2013.
As reported by the The Commercial Observer, pharmacy chain Duane Reade agreed to relocate its corporate offices to 40 Wall Street in January 2012. The 15-year lease was for 54,500 square feet across the 21st and 22nd floors. Asking rents were in the mid-$30s per square foot.
C & W declined to comment on the deal.
Mr. Trump, who was traveling, did not immediately return calls for comment.
