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NYU will vacate 11 W. 42nd St. when its lease expires next June
The Schack Institute of Real Estate’s 117,000-square-foot lease at the Midtown Center ends next June, and the building has started touring potential tenants through the space, according to Morningstar.
Bisnow reports that NYU’s Schack Institute of Real Estate lease at 11 W. 42nd St. will expire next June and NYU does not plan to renew. The institute holds a 117,000-square-foot space in the Midtown Center tower next to Bryant Park, according to special servicer commentary shared via Morningstar.
The building owner, Tishman Speyer, has already begun touring prospective tenants through the space, according to Morningstar’s database, in preparation for NYU’s departure. NYU debuted at the site in 1979 as an outpost for its School of Continuing Studies, which included the Real Estate Institute.
Bisnow also notes that NYU most recently renewed its lease there in 2021, and that the prior renewal ran for five years and six months, with benefits including its own entrance, six months of free rent, and a tenant-improvement allowance. Representatives for NYU did not immediately respond to Bisnow’s request for comment, and a Tishman spokesperson declined to comment.