King’s College Shrinking Its Financial District Campus
By Celia Young January 26, 2023 3:32 pm
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Christian liberal arts school The King’s College will shrink its Financial District campus, Commercial Observer has learned.
King’s College inked a 12-year renewal for 52,542 square feet across the lobby, fifth and sixth floors of 52 Broadway, reducing its space from 71,223 square feet, according to tenant broker Joseph Armano of Armano Real Estate. Armano declined to comment on the asking rent.
The private college, known for its small class sizes, wanted to remain in Lower Manhattan in slightly smaller digs and update its space. It scored a tenant improvement package from sublandlord the United Federation of Teachers (UFT) to do just that, Armano said.
“We wanted to take advantage of favorable market conditions to secure the school’s long-term future plan and vision in New York City,” Armano said. “And we increased space efficiency [as] they had some unused space.”
As part of the deal, King’s College will give up its ground-floor student lounge in 2024, Armano added.
The school moved into the 19-story property in 2012 after signing a deal with the UFT, which rents the entire building from Jack Resnick & Sons and Ruben Companies. The UFT is the labor union representing most New York City public school teachers.
A Cushman & Wakefield (CWK) team brokered the deal for UFT, said Armano. Representatives for King’s College, Jack Resnick & Sons, Ruben Companies, UFT and C&W did not immediately respond to requests for comment.
Update: This story has been updated to include that The King’s College’s previous footprint was 71,223 square feet, not 81,350 square feet.
Celia Young can be reached at cyoung@commercialobserver.com.
