The IDEAL School of Manhattan Signs Lease With CIM Group

The IDEAL School of Manhattan has signed a long-term lease with CIM Group for 63,000 square feet at 5 Hanover Square, an approximately 338,049-square-foot office building, as the new home for the independent K-12 school. The IDEAL School will occupy floors two through five of the 25-story building, along with a portion of the ground floor for a private entrance.

The IDEAL School of Manhattan opened in 2006 as an independent school for students in Grades K-2 and has since grown into a K-12 school with a postsecondary program. Currently, the school has approximately 200 students each with individual learning styles, readiness levels and abilities. The school is relocating from the Upper West Side and is anticipated to take occupancy in summer 2023.

A CIM Group-fund acquired the 5 Hanover Square office building in the heart of New York’s Financial District, in 2013. The fund has made modifications and improvements to the building including upgrades to the lobby and arrival experience such as art installations, décor and seating areas. It also added new elevator cabs, security features and replaced all of the building windows.

Eliza Gordon, John Wheeler, and Mitch Konsker from JLL handled the transaction on behalf of CIM Group. The IDEAL School was advised by Brent Ozarowski and Leslie Harwood of Newmark.

In addition to The IDEAL School, approximately 30,000 square feet of lease renewals at 5 Hanover Square have been executed recently.