NEW YORK CITY-ASA College will more than double its existing space at JEMB Realty Corp.'s Herald Center in Midtown, expanding to 112,000 square feet immediately and growing by another 48,000 square feet long term, JEMB said Tuesday. Accordingly, JEMB will create a dedicated ground floor lobby entrance on the 33rd Street side for the college, which offers degree programs in accounting, computer programming, information technology and medical assisting.
The college, which also has a Downtown Brooklyn campus, will consolidate classroom and administrative space from other Manhattan locations into the Herald Center, located at the corner of 34th Street and Broadway. Asking rents at the 250,000-square-foot property are $60 per square foot. “ASA College has been a tremendous tenant for many years at Herald Center, and we are gratified that they have chosen to undertake this major expansion of their Herald Square campus," independent broker Bobby Dweck, who negotiated the deal on JEMB's behalf, says in a release.
Dweck adds that ASA's cooperation was “essential to our plans to undertake a complete transformation of the asset to both secure the long-term occupancy of the office portion and create an exciting new retail leasing opportunity encompassing more than 50,000 square feet of prime retail space at one of the most heavily trafficked, high-visibility corners in the world." In the release, ASA—which provided in-house representation for lease negotiations—notes that it chose the Herald Center site in part because of its proximity to mass transit.
JEMB says the ASA expansion clears the way for its long-planned transformation of Herald Center, which it acquired in 1986. It will be completely reclad to make it conducive as a retail destination. JEMB says it plans to remove the black glass panels on the first three floors and replace them with transparent panes that will enable flagship retailers to showcase their wares to the 100 million-plus pedestrians who pass the property each year.
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