New School leases 194,000 s/f on Fifth.

In a move to meet its growing requirements for additional academic facilities, New School University has leased 194,300 square feet of space comprising ten floors at the landmark office building at 79 Fifth Avenue, which overlooks its Greenwich Village campus at the southeast corner of 16th Street.

The space, most of which is expected to be ready for use by fall 2005, will serve a variety of academic functions, including offices and classrooms.

"Our new facilities at 79 Fifth Avenue will go a long way to fulfilling some immediate needs for the university," said Bob Kerrey, president of New School University.

"The space will provide our ever-growing student body with the resources they need to attain their educational goals and expand upon New School University's continued presence in the Village."

"Over the past year-and-a-half, we have worked closely with New School University on the expansion of its classroom and dormitory facilities," explained Ira Schuman, executive vice president, director & co-branch manager at Studley. "Our first project was a build-to-suit dormitory for 205 students which opened this fall and was followed by a lease for additional classroom space."

"The driving force that sealed the transaction was the creation of a dedicated entry on East 16th Street, with a separate bank of elevators, giving New School University a building within a building," said Howard Dolch and Sylvia Haddad of Lansco Corporation, who represented the landlord, the Kalimian family.

Ira Schuman, Geoff Newman, Kurt Handschumacher and Jordan Brown of Studley, represented New School University in the long term leasing transaction.

The Studley team also works with other schools and not-for-profits throughout New York City. "Our team has developed this specialty practice serving the city's universities and not-for-profits by mastering the innumerable financing, building code and construction-related challenges that arise when schools evaluate their real estate leasing and development alternatives in the marketplace," added Newman.

Paul Gangsei of Manatt, Phelps & Phillips represented New School University and Jonathan Margolis of Bryan Cave represented the Kalimian family.