ASA Leases 160 KSF at JEMB’s Herald Center in NYC
- May 15, 2013
JEMB Realty has signed existing tenant ASA College to a lease extension and expansion that will see the higher-educational institution more than double its space at JEMB’s Herald Center, a 10-story, 250,000-square-foot retail and office property at the southwest corner of 34th Street and Broadway.
The college currently occupies space on the first three floors of the property but with its new deal, ASA will leave that space and move to 112,000 square feet on the fourth, fifth, sixth and seventh and floors of Herald Center by June. The lease also allows further expansion when an additional 48,000 square feet becomes available early next year.
“We positioned the building by establishing it as multi-use with retail, office and school,” Joseph Jerome, JEMB Realty’s president, told Commercial Property Executive. “It’s a building within a building concept. We’ve allowed the tenant to establish its own identity, have control of its own elevator bank and now they own the whole top of the building.”
The expansion will allow ASA College to consolidate classroom and administrative space from elsewhere in the city to one convenient midtown location.
“They will be using the bulk of the space for classrooms and adding some administrative room as well,” Jerome said. “We started to build in January and they will be moving in the next 10 days. The additional space will be ready in the next 12 months.”
As part of the deal, JEMB will create a dedicated ASA ground floor lobby entrance on the 33rd Street side of Herald Center and give the college exclusive use of the elevators servicing their floors.
“Most of their students take mass transit and every subway line and every bus just converges on this corner,” Jerome said. “They’ve been at the property for 10 years and enrollment really grew and they attribute a portion of that to location.”
According to Jerome, the space that was occupied by ASA College will be converted into more than 50,000 square feet of prime retail space at one of the most heavily trafficked, high-visibility corners in the world.
Currently, the building is undergoing a renovation of its outside façade, removing the black glass panels on the first three floors and replacing them with transparent panes that will enable retailers to better showcase their brands and goods to the more than 100 million pedestrians who pass the property each year. Jerome added that floors 4-10 will also be transformed with LED panels, creating a light display that will invigorate Herald Square.
“The building has tremendous exposure on 33rd, 34th and Broadway and it will be a focal point of Herald Square,” Jerome added. “It will be a major presence on one of the busiest shopping streets in the city, if not the country.”
JEMB acquired the building in 1986.