New York University recently completed a commercial property deal for extra space at a popular Downtown Brooklyn center. The commercial real estate transaction involves a space that spans 26,000 square feet. As a result of the deal, the university will end up occupying the majority of the building's 22nd floor.
The new space's asking rent was in the range of nearly $60 per square foot. In addition, the lease is for a total of 10 years. The university had been searching for space that could house its administrative support offices, rather than leaving these offices in buildings near the university's main campus. Specifically, the institution's information technology administrative offices will be consolidated in the newly leased space.
New York University additionally renewed its current lease for the building's full 19th floor. This space spans 32,000 square feet. As a result, the university will maintain a solid downtown footprint in the Big Apple. University officials said they are excited about this, considering its relatively recent merger with the institution previously known as Polytechnic University -- currently known as the Tandon School of Engineering -- in Brooklyn.
Leasing commercial real estate spaces in the New York City area can understandably be exciting, as it gives businesses the chance to have a valuable presence in this in-demand region. However, navigating the process of entering a lease agreement can be confusing and even intimidating, particularly for those seeking longer lease terms. An attorney can provide the guidance needed to effectively review and negotiate commercial leases in the Big Apple.