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School of Visual Arts locks rents until 2042.

The School of Visual Arts (SVA) secured a long-term lease extension at 335 West 16th Street in Chelsea.

The 54,000 s/f transaction, negotiated by Neil A. Lipinski of Lipinski Real Estate Advisors LLC, is for a long term direct lease which goes into effect August 2022.

Home to SVA's Fine Arts Department, the college is currently subleasing the entire building from ADT Security Services. SVA originally entered into the sublease agreement in February 2008, with the sublease expiring in July 2022.

The direct lease with the landlord is for a period of 20 years, which extends SVA commitment to the building until July 2042.

"By negotiating a direct deal now, five years prior to the expiration of the sublease, SVA once again demonstrates its commitment of being the premier leader in the education of artists, designers and creative professionals," said Lipinski.

"Situated in the heart of Chelsea, locking in such prime space in an ideal neighborhood gives SVA certainty of location and rent."

Lipinski added, "At the center of art and innovation and with neighbors such as Google, the building is within walking distance from some of the most distinguished art galleries and exhibits in the country."

The building houses sculpture studios, Fine Arts Digital Labs, and private studio spaces. The facilities include of state-of-the-art equipment and resources which allow students to fuse the technological with the hand-made.

"We are delighted to secure this long-term commitment in a such a renowned neighborhood for our students," said David Rhodes, President of School of Visual Arts.

"With Chelsea's art scene at our back door, students can in touch with art history in the making. Being situated at the epicenter of this environment allows them the opportunity to thrive." Built in 1920,335 W16th is a: five-story office property.


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Comment:School of Visual Arts locks rents until 2042.
Publication:Real Estate Weekly
Article Type:Brief article
Geographic Code:1U2NY
Date:May 30, 2018
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