Scholastic Buys Soho Building for $255M
Roland Li March 6, 2014, 6:45 p.m.
Book publisher Scholastic has purchased 555 Broadway in Soho for $255 million, according to city records. The seller was an entity controlled by the Ise America Inc., a division of Japanese egg processing company Ise Corp.
The property is adjacent to Scholastic’s headquarters at 557 Broadway and the two buildings are attached internally. Scholastic has office and retail space in both buildings, a Scholastic spokeswoman said.
“Scholastic will remain in our current headquarters, which includes both 557 and 555 Broadway,” she said. She declined to comment on financing.
Ise didn’t immediately return a request for comment.
The 12-story 555 Broadway is 215,342 square feet, including around 10,800 square feet of retail, according to PropertyShark.
Ise bought the property in 1990 from Gindoff Enterprises, public records indicate. Scholastic began leasing the space in 1992. Scholastic had an option to buy the property after the lease expired in 2013, the New York Times reported.