Ivy League Finds New Events Space in Midtown
Rheaa Rao July 22, 2016, 3 p.m.
Cornell University has inked a 14,000-square-foot deal at 45 West 57th Street between Fifth Avenue and Avenue of the Americas.
The Ivy League school will occupy the entire second, fourth and fifth floors of Sedesco’s seven-story building for networking events for students and alumni from its management, hotel administration and economics schools. It will move into the space next month, in time for the fall semester. Asking rent in the multi-year deal was in the $60s per square foot, according to Crain’s New York Business, which first reported news of the deal.
Sedesco is the U.S. subsidiary of a Turkish real estate development company. Its chief executive officer, Demir Sabanci, who is incidentally a Cornell alumnus, arranged the deal directly with the school.
“This deal came about organically as we had been following their project on Roosevelt Island,” Derek Gilchrist, Sedesco’s general counsel, said in prepared remarks. “When this space became available, we discussed it with them and realized they wanted to have an outpost in Manhattan.”
Cornell has been expanding its footprint in New York City. Apart from planning to open a tech campus in Roosevelt Island in summer 2017, its medical school, Weill Cornell, expanded within Downtown’s first-ever medical building at 156 William Street, Commercial Observer reported earlier this month.