Three Times Square signs colossal deal with university

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Incarnation of Times Square the unpredictable evolution of the office market, the next wave of bow tie users won’t be bankers, lawyers, or media magicians, but students.

Touro College and University System signed a long-term lease for 243,305 square feet at Three Times Square of the Rudin family. Touro will move seven of its schools to floors three through nine and parts of the ground floor and second floor.

The half-century-old educational institution will have its own entrance and lobby at the southwest corner of Seventh Avenue and West 43d Street, as well as lounges, cafes and other amenities for students. some 2,000 students. The floors of Touro will house classrooms, laboratories, libraries and event spaces.

All floors will be connected by attractive new interior staircases.

“Fire escapes won’t do it,” said Jeffrey Rosengarten, Touro’s senior vice president of operations, of the need to create a sense of community.

He said Touro’s graduate schools of business, education, Jewish studies, social work and technology, as well as its College of Pharmacy and New York School of Career & Applied Studies, will relocate from West 31st, 40e and 125th streets.

Three Times Square
The tower is 850,000 square feet over 30 floors.

Touro leases or owns approximately one million square feet in Manhattan and the outer boroughs. Its total workforce of 19,000 is spread over 35 locations in the United States, Berlin, Jerusalem and Moscow.

But Rosengarten has spent much of the past seven years looking for a location to create a main campus in Manhattan. “It was difficult because we had very specific needs,” he said, including a large block of contiguous spaces on the lower floors, high ceilings and 30,000 square foot floor plates “so that we can have a sufficient number of classrooms and laboratories on one floor.

In addition, we needed “a building that frankly wanted to accommodate a school where we could create a building within a building.” Three Times Square hit the mark for everyone. Additionally, our students and faculty made it clear that they wanted to be on the West Side, connected to subways and public transport, ”said Rosengarten.

Rudin Management Company CEO William Rudin said that a university inside a state-of-the-art Times Square tower that opened in 2001 may seem “quite original, but in the world we are in. live, we all call audibles ”.

William Rudin speaks at a podium
For Touro students, taking the metro to school is only natural, says CEO William Rudin, whose family owns Three Times Square.
Annie Wermiel / NY Post

Touro’s move reflects “the continued stretching of the market in terms of where tenants are willing to move,” Rudin said, and recalled that no one ever imagined that banks and law firms would come. never at the once seedy “crossroads of the world”.

He noted that Touro’s students “have taken the metro all their lives and it’s a very easy way to get to school.”

Rosengarten said he started thinking about Three Times Square in late 2019. He knew the 30-story, 850,000-square-foot tower had looming vacancies as Thomson Reuters, who is Rudin’s partner in the property of the building, began to unload some divisions and a few other tenants were moving.

Even so, “I wasn’t sure at first that they would want to bring in a university,” Rosengarten said.

A building of the College of Touro
Touro is moving from Manhattan.
Ajay Suresh from New York, NY, U

Rudin recalled: “They started to look [seriously] in Times Square at the end of 2020, at the height of the pandemic. They continued their conversations with us until 2021 and we made the deal at the end of the year. “

Some 500,000 square feet remain available at Three Times Square. As we reported last spring, Rudin architects solicited FXCollaborative for a $ 25 million property upgrade. The most visible highlight to the public is a new triple-height lobby and a sculptural facade panel on the lower floors that will cast the bright lights outside for visitors to the lobby.

Neither Rudin nor Rosengarten would discuss the terms of the lease. Rudin said last April that asking rents were in the $ 70 per square foot range on lower floors and in the mid-1980s on upper floors.

Costumed Times Square characters pose for a photo
Students will find a friendly way to deal with the costumed characters of Times Squares, jokes Jeffrey Rosengarten, director of Touro.
Universal Images Group via Getty

When asked if the deal was at market rate, Rosengarten said, “I don’t want to call it a buyer’s market, but it certainly helped us get a financial deal that we felt was affordable and affordable. that the Rudins thought was right. “

Touro was replaced by Rosengarten and a team from Cushman & Wakefield led by Richard Bernstein. Rudin has been replaced by Tom Keating internally and a Cushman team led by John Cefaly.

What kind of chemistry will Touro bring to Times Square? “A different panache from law firms,” Rosengarten said. As for the Elmos and others cartoon characters on the street“We can negotiate to have our students take pictures with them,” he laughed.

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Newsrust - US Top News: Three Times Square signs colossal deal with university
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