The Real Deal New York

Prep school leases 39K sf at Trump’s 40 Wall Street

Quad Prep is subleasing from another school in the building

July 25, 2016 08:40AM

40 Wall Street in the Financial District and Donald Trump

40 Wall Street in the Financial District and Donald Trump

A private preparatory school for gifted children with social learning difficulties has signed a 10-year sublease at the Trump Organization’s 40 Wall Street.

The Quad Preparatory School is subleasing nearly 39,000 square feet from the Green Ivy Schools, which also has a preschool and elementary school in the building, the Wall Street Journal reported. The school will take the entire fourth floor in the building — also known as 25 Pine Street — and have an entrance on Pine Street.

“To find something that was built with an existing school installation was a needle in a haystack,” Marc Shapses, an executive managing director at Savills Studley TRData LogoTINY and part of the team that represented Quad, told the newspaper. “This was just perfect.”

All divisions of the expanding school are moving into the new space by September, according to Quad’s website. Quad has grown since its founding in 2013, when it started as a three-student pilot program into the East Village. The school will have 50 students at the start of the next school year. Additional details on the sublease were not immediately available.

40 Wall Street is said to be the most valuable building in Donald  Trump’s portfolio. According to a recent Bloomberg report (which chronicled the history of unscrupulous tenants who have called it home), the average rent at 40 Wall Street is $36 per square foot, about $20 less than the average asking rent in the area.

Donald Trump Jr. responded by saying that asking prices at 40 Wall Street exceeded that of comparable Downtown buildings. He did not specify what the comps were.

“40 Wall’s average annual rent continues to achieve a record of immense success with 97 percent occupancy, a vacancy rate virtually unheard of in Downtown Manhattan,” he wrote. [WSJ]Kathryn Brenzel

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