NYU Extends 125K-SF Lease in Related’s East 17th Street Building
New York University is staying put in a four-story, 1960s office building it has occupied for several years near Union Square.
The ever-expanding institution has inked a 32-year lease for the entire 125,000-square-foot property at 105 East 17th Street, according to public records. NYU has an option to renew the lease for an additional five years if it notifies the landlord, Related Companies, two years before the agreement expires in 2051. The lease begins Nov. 1, 2019. The Real Deal was the first to write about the transaction.
The university originally moved into the building between Park Avenue South and Irving Place when it signed a seven-year sublease with Zurich Insurance Co. in 2012, Crain’s New York Business reported at the time. The school houses its human resources department in the building, per its website.
The city landmarked the building, which was constructed nearly 60 years ago as an annex for the Guardian Life Insurance Company, in 2008.
It wasn’t clear who brokered the deal. Spokespeople for Related Companies and NYU didn’t immediately respond to requests for comment.
The Union Square deal is just one of a few that the school has closed recently. NYU is also in talks to take all 200,000 square feet of Boston Properties’ 159 East 53rd Street, according to Crain’s. And NYU Langone Medical Center just sealed a 150,000-square-foot expansion at Vornado Realty Trust’s One Park Avenue.