5 Columbus Circle
NEW YORK CITY—Kaplan International North America, Inc. signed a 10-year, 25,000-square-foot lease at 5 Columbus Circle with the property owners 1790 Broadway Associates LLC, a company owned by members of the Milonas and Catsimatidis families. Additional details regarding the lease terms were not disclosed.
Kaplan is well known among the university-bound crowd (and their parents). The company offers preparatory classes and materials for more than 90 standardized tests for university and graduate school admissions, English language proficiency and higher education programs. It will occupy two full floors at the 21-story, 255,000-square-foot building, as it further expands its business in New York City.
In 1985, the owners purchased the property that was originally constructed in 1912. The loft-style building with the address of 1790 Broadway is located on Columbus Circle, between 57th and 58th streets. The structure is noteworthy as architects Carrere & Hastings used Vermont marble for its exteriors and designed it in the French modern style, which distinguishes it from many of the surrounding steel and glass skyscrapers.
In May 2013, the owners listed as a joint venture of Ionian Management and Red Apple Group refinanced the property, obtaining a $55 million loan from First Republic Bank, according to Real Capital Analytics.
The façade of the building was restored, preserving architectural details, and the property was modernized, including upgrading connectivity. Other tenants include Nordstrom, Columbia University, RadNet, Inc., Northwell Health, Columbia Artists, Victoria Hagan and the Rhodium Group. On October 24, still betting on brick-and-mortar retail, Nordstrom will open its flagship location, a seven-floor store with clothing, shoes, accessories, food and beverages onsite.
JLL handled both sides of the lease, with Harley Dalton representing the building ownership, while Scott Panzer and Shannon Rzeznikiewicz acted on behalf of the tenant Kaplan. For legal counsel, John P. O'Donnell of John P. O'Donell, P.C. advised the property owners. Larry Haber and Richard Blatt of Abrams Garfinkel Margolis Bergson, LLP represented Kaplan.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
