NYU Stays Put in 116K SF Near Bryant Park
By Rebecca Baird-Remba November 1, 2021 5:01 pm
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New York University has renewed its lease for nearly 116,000 square feet at Tishman Speyer’s 11 West 42nd Street in Midtown.
The institution has re-upped 115,875 square feet on the fourth, fifth and 10th floors of the 31-story building adjacent to Bryant Park, according to the New York Post. The lease term is five and a half years.
NYU houses its School of Professional Studies in the Art Deco 1920s office building, known as Salmon Tower, between Fifth Avenue and Avenue of the Americas.
Asking rent in the transaction ranged from $55.50 to $61.28 per square foot, sources told the Post. The deal also includes six months of free rent and a tenant improvement allowance of $30 per square foot, for a net effective rent of $46.18 per square foot.
Newmark (NMRK) represented NYU in the lease negotiations, but it wasn’t clear which brokers handled the deal on either side. Spokespeople for Tishman Speyer and Newmark didn’t immediately respond for comment.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
