College Takes 118,000 SF in Major Renewal, Expansion

NEW YORK CITY-Because of increasing enrollment, Metropolitan College signed a 15-year lease for approximately 118,000 sf at One Hudson Square. The private institution took an additional 33,228 sf at the property for classroom and administrative uses. Part of the deal includes the construction of an exclusive building entrance and lobby for the school on Canal Street.

Though no financial information was disclosed, space in the site trades for approximately $34 per sf. Mark Jaccom, Peter Caputiati, Eric Thomas and Eric Schmall of Studley represented Metropolitan. Thomas Lynch of Trinity Real Estate acted on behalf of the ownership.

Jaccom says Studley surveyed the market for larger location opportunities, but the college decided to remain in its existing space and take the additional space to accommodate its growing enrollment. Jaccom, who represents Metropolitan with all of the college’s commercial real estate needs in the metropolitan area, notes that the “separate entrance will enhance the college’s identity in the building.”