Sotheby’s Institute of Art Renews 19K-SF Space at Feil’s 570 Lexington Avenue

Sotheby’s Institute of Art is keeping its school in Midtown East for another 10 years.

Sotheby’s Institute, which offers educational programs for professionals and students in art business and history, renewed its 19,436-square-foot space on the entire sixth floor of The Feil Organization’s 570 Lexington Avenue, according to the landlord. Asking rent was $65 per square foot.

The institute, which is part of education provider BrandEd, has been a tenant of the building between East 50th and East 51st streets, also known as the General Electric Building, for the past 18 years, according to Feil.

“We’re thrilled that Sotheby’s Institute of Art has chosen to remain at 570 Lexington for the long term,” said Feil’s Andrew Wiener, who represented the landlord in-house along with Timothy Parlante and Kyle Young.

As part of the renewal, Sotheby’s plans to modernize its administrative offices and classrooms at the property to “better accommodate the institution’s evolving needs” and provide “an environment for the next generation of art world and luxury business professionals while preserving its artistic legacy,” according to Feil.

“Their commitment to renewing and modernizing their space is a testament to the building’s premier location and the strength of our relationship with the tenant,” Wiener said. “We look forward to continuing to support their growth and success in the heart of Midtown Manhattan.”

Newmark (NMRK)’s Brad Needleman and Matthew Augarten brokered the deal for the tenant. Newmark declined to comment.

“After 18 successful years at 570 Lexington, we are excited to continue our work in such an iconic Manhattan office building,” BrandEd CEO Brandon Busteed said in a statement. “This location offers an ideal environment for fostering creativity, scholarship and professional development.

“We look forward to upgrading our space to further enrich the educational experience for our students and faculty as we continue to offer cutting-edge programs in the global art world,” Busteed added.

Other tenants of 570 Lexington include the Real Estate Board of New York and Cornell University, as well as HF Brands & Market’s Lexington Market and restaurant Schnipper’s in the ground-floor retail space.

Isabelle Durso can be reached at idurso@commercialobserver.com.