Scholastic Explores Possible Sale-Leaseback of Manhattan Headquarters
By Andrew Coen June 24, 2025 2:25 pm
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Book publisher Scholastic is looking to write a new story for its Manhattan headquarters.
Scholastic is exploring a partial or full sale of its SoHo buildings at 555-557 Broadway and has hired Newmark to market the office assets, Crain’s New York Business first reported.
Under the potential transaction, Scholastic would seek to lease back space and use funds from the sale for “capital allocation priorities,” reducing debt and repurchasing shares, according to Crain’s, which first reported the news on Monday.
Newmark is leading the marketing of the property for a sale-leaseback deal with a team consisting of Adam Spies, Josh King, Adam Doneger, Marcella Fasulo and Avery Silverstein.
Sources close to the transaction said several possible structures are being explored for the transaction. The Broadway offices will come to market after the Fourth of July holiday, the sources said.
Scholastic acquired its headquarters building at 555 Broadway in 2014 from Ise America for $255 million after 22 years of being a tenant there, Commercial Observer previously reported. It has owned the adjacent and attached 557 Broadway building since 2010.
“As an organization, we have taken prudent actions with a focus on refining our organizational structure, reducing costs, optimizing capital allocation and enhancing shareholder value over the long-term,” Peter Warwick, president and CEO of Scholastic, said in a statement.
The Scholastic headquarters is less than half a mile from 148 Lafayette Street, a 12-story office building that Tishman Speyer purchased for $105.5 million from Epic this spring, as CO first reported at the time.
Scholastic did not immediately return a request for comment. Newmark declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
