Leases  ·  Office

Touro University to Dominate Nine Floors at 3 Times Square in Expansion Deal

reprints


True to its name, Touro University is bullish on its Times Square.

Touro tacked on 66,438 square feet to its existing 32-year lease for 243,000 square feet at 3 Times Square, The Real Deal first reported.

SEE ALSO: Flight Club Aims Its Darts at DC

After consolidating its New York campuses under one Times Square roof, Touro will now take over the 10th and 11th floors of the Midtown tower built into the same lease term, according to landlord Rudin Management

Rudin declined to provide the asking rent, but the New York Post reported last year rents ranged from the low $70s to mid-$80s per square foot in the building.

“Touro University’s bold decision to re-create its campus embodies the spirit of constant reinvention and rebirth that has allowed New York City and neighborhoods like Times Square to thrive,” Michael Rudin, executive vice president of Rudin, said in a statement.

Tom Keating of Rudin represented the landlord in-house along with Cushman & Wakefield (CWK)’s Ron Lo Russo and Heather Thomas. Touro handled it in-house via Jeffrey Rosengarten and C&W’s Richard Bernstein.

C&W did not immediately respond to a request for comment.

“Our new central campus with state-of-the-art facilities will offer students and faculty more opportunities to collaborate on interdisciplinary teaching and research. It will give our undergraduates exposure to graduate programs that could open up new professional paths,” Alan Kadish, Touro’s president, said in a statement. “Most of our students live in the five boroughs, and this is a convenient commute and an exciting, modern and welcoming space in which to learn and pursue careers.”

Built in 2001, 3 Times Square was originally the North American headquarters of news company Reuters. Touro began bringing students through a dedicated entrance at the southwest corner of West 43rd Street and Seventh Avenue in January after the building underwent a repositioning effort in 2020.

Mark Hallum can be reached at mhallum@commercialobserver.com.