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Deals & Dealmakers

Non-profit news group doubles footprint with Midtown sublease

Cresa Vice President Nick Markel has arranged a sublease at 450 Seventh Avenue for Chalkbeat, a non-profit news organization that covers issues pertaining to education in the United States.

The 5,500 s/f, 32nd floor space is being sublet from Ultimate Medical Academy, a career technical school and provides students with associate degrees in the healthcare field. 

A spokeswoman for the school told Real Estate Weekly, “Like many organizations, we’ve transitioned to hybrid and remote work arrangements. Our office space in New York was primarily used by a small group of shared services team members who now work remotely. Because those team members are working remotely, we decided to sublease our entire space.”

The new offices represent a dramatic expansion for Chalkbeat, which previously occupied a 2,500 s/f office at 1239 Broadway.

NICK MARKEL

“We were glad to find a space that met Chalkbeat’s most important criteria in terms of location and size,” said Markel. “The high-floor views of Hudson Yards and three exposures were definitely an incentive. In addition, since Chalkbeat is a national organization with employees and leadership all along the East Coast and across the country, the building’s proximity to Penn Station was an exceptional perk.”

Asking rent for the four-year sublease was $55 psf. Representing the sublandlord, UMA, was Newmark’s Alex Leopold.

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