NYU Entering Long-Term Lease at 770 Broadway

New York University announced today that it has entered a long-term lease for over 1 million square feet of space at 770 Broadway adjacent to the University's Manhattan campus. Wegman's will remain as a tenant in the building.

This space will provide room for incremental growth as well as enable the University to consolidate faculty and research in a collaboration hub focused on battling diseases and saving lives and to foster innovation that will keep the US at the forefront of strategic areas of technology such as AI, biotechnology, and quantum information sciences. NYU is in the preliminary stages of planning and design at this time. The building will be an important hub for NYU's initiative to advance engineering, science, and technology, an effort thatis already supported by $200 Million in donations across the University.

There are existing office tenants in 770 Broadway, currently occupying approximately half of the building. NYU will assume these existing leases and related rental income. The first stage of NYU's programming will focus on converting the vacant floors to science and technology uses, including laboratories, classrooms and workstations.

Phase Two of NYU's plans include replacing the University's rented space elsewhere in New York, relocating affiliates to 770 Broadway as existing leases expire. This transition is estimated to reduce rent expense by more than $800 million over the first 30 years.