Textbook Rental Company Chegg Heads to Chelsea
By Rebecca Baird-Remba December 11, 2019 3:03 pm
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Education tech company Chegg is leaving Midtown South for Penn Plaza, Commercial Observer has learned.
The textbook rental and online tutoring outfit has signed a seven-year lease for 24,205 square feet on the entire 12th floor of Vanbarton Group’s 31 Penn Plaza in Chelsea, according to information from JLL (JLL). Asking rent in the deal was in the high $60s per square foot, a JLL spokesman told CO.
Chegg will depart 10 East 39th Street, between Fifth and Madison Avenues, for the 18-story property located at 132 West 31st Street, between Avenue of the Americas and Seventh Avenue.
Mitchell Konsker, Matthew Astrachan and Kyle Young of JLL represented the landlord, while Scott Brown of Newmark (NMRK) Knight Frank handled the transaction on behalf of the tenant.
Chegg “stressed the need for a collaborative and efficient new environment,” Astrachan said in a statement. “31 Penn Plaza will provide this and more.”
The lease caps a year of strong leasing for the building that includes an 83,840-square-foot deal with coworking operator Spaces; online pharmacy Capsule Corp. leasing 20,726 square feet; and a 10,200-square-foot lease with ExecOnline.
