The New School Renews 20K-SF Drama School in Westbeth Artists Housing
By Isabelle Durso September 9, 2024 5:45 pm
reprints
The New School is staying in Westbeth Artists Housing for another 10 years, Commercial Observer has learned.
The performing arts college has signed a 20,402-square-foot renewal for its three stories in the building at 151 Bank Street, an affordable artists housing community in the West Village, according to landlord broker Denham Wolf Real Estate Services. The New School has housed its School of Drama there since 2003.
A spokesperson for Denham Wolf declined to provide the asking rent, but a report from Newmark found office rents in Midtown South averaged $82.91 per square foot during the second quarter of 2024.
Denham Wolf’s Christopher Turner, Kate Hrobsky and Lauren Davis negotiated the deal, while The New School was represented by CBRE (CBRE)’s David Hollander, Larry Weiss and Maxwell Tarter.
The New School’s space at Westbeth — originally home to Bell Laboratories in 1929 for early sound film experiments — features a theater room, classrooms, set and costume studios, and offices, according to Denham Wolf.
“Westbeth prides itself on being a diverse and creative arts enclave, and counting The New School as a long-term member of our community deeply enriches our campus,” Peter Madden, executive director of Westbeth, said in a statement. “We are proud to offer a space where the performing arts can thrive when they have the right partners who invest and care about the communities in which they are rooted.”
Westbeth, which is owned by the nonprofit Westbeth Housing Development Fund Corporation, sits along the Hudson River Park between Bank and Bethune streets, just south of the Meatpacking District and the High Line.
Other tenants of the Westbeth complex include arts nonprofit The Kitchen, which signed a two-year lease for 6,000 square feet at 55 Bethune Street in August 2022, as Commercial Observer previously reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
