Kaplan Test Prep will say goodbye to its 395 Hudson Street headquarters in June, moving eastward and northbound into 80,000 square feet at 750 Third Avenue, as Crain’s New York Business reported.
It is a sublease from Condé Nast, which moved its 750 Third Avenue and 4 Times Square operations to 1 World Trade Center beginning in November and will be subleasing to Kaplan for the next seven years.
The space at 750 Third Avenue between East 46th and East 47th Streets spans the entire seventh and eighth floors and had an asking rent of $40 per square foot. It marks a significant reduction of space for Kaplan from the 140,000 square feet it has on Hudson Street.
The deal was handled by JLL‘s Scott Panzer, who was unavailable to comment. SL Green Realty owns the building since purchasing it from Teachers Insurance and Annuity Association of America in 2004 for $255 million, property records indicate. Tenants include the accounting firms EisnerAmper and Marcum as well as FTI Consulting. Penske Media Corp. was also housed there but recently signed a new lease at 475 Fifth Avenue.
Kaplan moved into the Hudson Street space in 2010. The prior tenant, Newsweek, vacated the space after the publication was sold to Sidney Harman (it is currently owned by IBT Media.) It will be subleased to WebMD after Kaplan leaves.