Rudin Management — one of the largest owners, operators and developers of best-in-class real estate in New York City — announced a new lease at its Midtown office building at 3 Times Square: Touro University signed a 30-year deal to expand its already-significant footprint in the 30-story building by an additional 66,000 square feet. With that, the university’s total space at the building has reached 316,000 square feet.
The asking rent and price per square foot were not disclosed. But, according to a report last year by the New York Post, rents in the building ranged from the low $70s to mid-$80s per square foot. Tom Keating represented the landlord in-house and was aided by a Cushman & Wakefield team comprised of Ron Lo Russo and Heather Thomas. Meanwhile, Touro’s Jeffrey Rosengarten and a Cushman team led by Richard Bernstein represented the tenant.
“Touro University’s bold decision to recreate its campus embodies the spirit of constant reinvention and rebirth that has allowed New York City and neighborhoods like Times Square to thrive,” said Michael Rudin, executive vice president of Rudin.
Touro’s added space is located across the entire 10th and 11th floors. Students and employees will have a dedicated entrance into the building at the corner of Seventh Avenue and West 43rd Street. Eight schools — including the College of Pharmacy; New York School of Career & Applied Studies; Graduate School of Business; Graduate School of Education; Graduate School of Jewish Studies; Graduate School of Social Work; and Graduate School of Technology — will move to the Times Square tower.
Originally built in 2001 as the North American headquarters of Reuters news company, 3 Times Square is currently undergoing a sweeping renovation and improvement program. The effort will include a redesign of the existing lobby; a revamp of the elevator and entry systems; and the addition of amenities such as a fitness center, dining area and conference space.
“Our new central campus with state-of-the-art facilities will offer students and faculty more opportunities to collaborate on interdisciplinary teaching and research,” said Touro President, Alan Kadish. “It will give our undergraduates exposure to graduate programs that could open up new professional paths.”
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