A prominent advertising school has settled on new 11,820-square-foot digs in Long Island City, saying goodbye to Brooklyn, Commercial Observer has learned.
Miami Ad School, founded in 1993 and including a network of 14 ad schools in nine countries, signed a 10-year lease for the entire third floor at Offices at the Square at 35-37 36th Street, according to information provided by JRT Realty Group and Cushman & Wakefield. The lease was signed on March 17 with asking rents in the $40s per square foot. Miami Ad School will move in in July, according to Greg Smith, the president of JRT.
“Miami Ad School chose the Square because it offers a fully built, above standard space in the vibrant, art-infused Long Island City neighborhood,” Mr. Smith said in prepared remarks. “The area also touts great transportation access, retail amenities and cultural landmarks.”
Ethan Silverstein and Corey Horowitz of C&W along with JRT’s Mr. Smith, Ellen Israel and Kristen Morgan represented the landlord, Emmes Asset Management, in the deal. Rich Novak and Brian Leary of CPEX Real Estate Services represented Miami Ad School.
The building, purchased by Emmes for $30 million in June 2014, is home to the popular Studio Square Beer Garden, a 30,000-square-foot ground-floor indoor-outdoor space which is on a long-term lease. The venue has played host to bands like The Roots and events like runway shows and New York City Wine and Food Festival.
Miami Ad School is the first tenant to take space in the revamped 35-37 36th Street, a building with 63,000 square feet of office space spread over five floors.
“This site was ultimately chosen due to the combination of excellent transportation, the vibrant culture and arts scene exploding in LIC, the stunning floor plate with two private terraces, as well as an area that still retains affordable student housing options,” said Mr. Novak via a spokesman.