The School of Visual Arts renewed its 80,000-square-foot lease at 380 Second Avenue through 2031.
The school’s current deal in the 10-story building wouldn’t have expired for another three years but the tenant decided to renew early, the New York Post reported. The Gramercy Park building is owned by ABS Partners Real Estate, according to its website and property records.
The School of Visual Arts occupies floors two, five, seven and eight. Lipinski Real Estate Advisors represented the tenant in the deal.
Last year, ABS refinanced its Flatiron District office building at 915 Broadway with a $100 million loan from MetLife. It also bought teamed up with Benenson Investment Co. last year to buy three properties, including the Hammacher Schlemmer Building. [NYP] — Konrad Putzier