The American Language Communication Center signed a 65,000-sf lease at 229 W. 36th St. ALCC will relocate its Manhattan facilities, which are currently situated within the Hotel Pennsylvania at 401 Seventh Ave. A CBRE source tells GlobeSt.com that average asking rents at 229 W. 36th St. are in the mid-$40s per sf.
The CB Richard Ellis team of David Hollander and Sacha Zarba negotiated the 20-year lease on behalf of the building ownership, Real Estate Capital Partners. Howard Simson and Jarod Stern of Studley represented ALCC.
[IMGCAP(2)]ALCC plans to house classrooms and offices from the second through the sixth floor of the 12-story property. "In addition to the property's ideal location in the heart of the Penn Plaza District, the ownership's hands-on approach and responsiveness were instrumental in ALCC's decision to bring the school to 229 W. 36th St.," Hollander says.
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