NYU signs 125K sf lease renewal at Gramercy Park location

The deal extends the university's tenancy until 2051

Jun.June 15, 2018 04:21 PM

NYU’s Andrew Hamilton, Steve Ross, and 105 East 17th Street (Credit: YouTube and Google Maps)

New York University is extending its stay at its Gramercy Park location.

The university signed a 32-year lease extension at Related Companies105 East 17th Street, property records show. The deal is for the entire 125,000-square-foot building. NYU first moved into the four-story property in 2012 after signing a seven-year sublease with Zurich Insurance Company.

NYU’s New York City locations are scattered within a square area with borders such as 14th Street to the north, Houston Street to the south, Broadway to the east and Sixth Avenue to the west. The 17th Street location, which sits between Park Avenue and Irving Place, is currently home to NYU’s human resources department, according to the university’s website. It is also just two blocks away from the NYU Langone Orthopedic Hospital at 301 East 17th Street.

New York University placed second in The Real Deal’s ranking of New York colleges with the largest property footprint . NYU’s real estate portfolio covers 12.8 million square feet across 110 properties, just behind’s Columbia University’s 14.9 million across 232 properties. One of the biggest pieces of the NYU portfolio is 181 Mercer Street in the West Village, the future site of a 735,000-square-foot that will house the university’s athletics facility and performing arts center.

NYU’s new lease starts on Nov. 1, 2019 and extends until 2051. The agreement also contains a provision that allows the university to renew for an additional five years.

The deal adds to NYU’s collection of real estate deals this year. The university closed a 150,000-square-foot lease expansion at Vornado’s One Park Avenue earlier this month. In May, it agreed to a 17,000-square-foot lease at 74 Kent Street in Greenpoint. The university is also said to be in late-stage talks to lease 200,000 square foot at the renovated atrium building of 601 Lexington Avenue.

Related Companies declined to comment.

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