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NEW YORK CITY-ASA Institute, a two-year college, has signed on for 15 years and 57,200 square feet of classroom space at Two Herald Square. The school leased the fourth and fifth floors at the building and plans to create classrooms for the 2009-2010 school year, according to the Lansco Corp., which brokered the deal.

“ASA Institute’s enrollment office is currently located at One Herald Square, so this particular location, which is also centrally located and near numerous public transportation options, is ideal for the school’s growing student body and staff,” says Bret Zelner, executive managing director at Lansco, in a release. Zelner represented ASA along with Lansco EVP Mike Antkies and director Dawn Chartoff.  

Financial terms of the lease were not disclosed. However, landlord 1328 Broadway Owners LLC, which had asked $60 per square foot, agreed to a substantial work letter for the build-out of the classroom spaces and signage for the college on the building exterior, according to a release. RFR Realty sold the 12-story property, also known as 1328 Broadway and the Marbridge Building, to the Sitt family for $500 million in 2007 after acquiring it for $92 million in 2000 and repositioning it.

David Sitt, VP of operations at Sitt Leasing, a division of Sitt Asset Management, says in a release that the space had drawn “tremendous interest from several schools.” He adds that the fourth and fifth floors present “a unique ‘building within a building’ opportunity. The school’s student body and faculty will enjoy the advantages of having a private entrance, lobby and elevator bank.” Sitt Leasing represented the building ownership in negotiations. ASA currently has more than 4,000 students at campuses in Midtown and Brooklyn.

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