General Assembly renews 40K sf lease in Flatiron District

School plans to offer hybrid physical and online learning

New York /
Apr.April 14, 2021 01:31 PM
General Assembly's CEO Lisa Lewin (General Assembly)

General Assembly’s CEO Lisa Lewin (General Assembly)

General Assembly, the tech-focused continuing education organization, is staying put in the Flatiron District.

The company confirmed that it recently inked a 10-year lease renewal for its 40,000-square-foot space at 915 Broadway. The terms were not disclosed, but sources familiar with the transaction told The Real Deal the parties negotiated a competitive deal, given the current market conditions.

Founded in 2011, General Assembly has grown its presence in the Manhattan neighborhood, starting from a space at 902 Broadway and expanding into ABS Partners’ 915 Broadway. In 2018, the startup was acquired by the Swiss conglomerate Adecco Group for $412.5 million.

During the pandemic, the school has offered remote courses, but it plans to reopen physical campuses once each region is deemed safe.

“In the post-pandemic future, we believe that a hybrid model combining on-campus collaboration with flexible, live online learning is the way forward,” said General Assembly’s CEO Lisa Lewin.

Along with its office at 915 Broadway, General Assembly has also maintained offices and classrooms at nearby 902 Broadway and 35 East 21st Street, but leases for those spaces — about 30,000 square feet in total — weren’t renewed as the company consolidates its operations into 915 Broadway, sources said.

Even so, the 10-year renewal is a positive sign for Manhattan’s struggling office market, in which tenants have been slow to renew leases as they assess their future office needs.

Many tenants facing renewals opted to sign shorter leases in 2020. As a result, Manhattan’s average office lease term in 2020 was 11 percent shorter than the year before, according to CBRE.

Manhattan’s office availability rate in the first quarter hit record at 16.1 percent, according to Colliers International.





    Related Articles

    arrow_forward_ios
    Major real estate stocks ended in negative territory this week. (Getty)
    Real estate stocks, markets jittery over inflation
    Real estate stocks, markets jittery over inflation
    Joseph Chetrit with 427 and 459 (left) Broadway (Getty, Beyond My Ken/Wikimedia)
    Chetrit Group falls behind on Soho portfolio mortgage
    Chetrit Group falls behind on Soho portfolio mortgage
    Joel Landau, chairman and founder of Allure Group. (Google Maps, Score NYC)
    These were the top outer-borough loans last month
    These were the top outer-borough loans last month
    Chief People Officer Carolyn Patterson (Getty, Yelp)
    Yelp to experiment with return-to-work plans
    Yelp to experiment with return-to-work plans
    From left: Furnished Quarters' Steven (left) and Gary Brown with 315 West 33rd Street (left) and 158 West 27th Street (Furnished Quarters, CityRealty, CityFeet)
    Landlords sue hospitality stalwart Furnished Quarters
    Landlords sue hospitality stalwart Furnished Quarters
    David Schonbraun (SL Green)
    SL Green investment chief David Schonbraun steps down
    SL Green investment chief David Schonbraun steps down
    Aby Rosen and 522 Fifth Avenue (Getty, Google Maps)
    RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ
    RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ
    Nearly half of new shops in 2021 will be dollar stores. (Getty)
    2021 is raining dollar stores
    2021 is raining dollar stores
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...