Savanna, a New York City-based real estate investment manager, owner/operator and developer, has leased 350,000 square feet of office space to the New York City School Construction Authority (SCA) in a 20-year deal at One Court Square, the iconic office tower in Long Island City.
SCA is set to occupy floors 6 through 17 at One Court Square, which will serve as its new headquarters location. SCA, which oversees the design and construction of safe and environmentally sound public schools throughout New York City, will be relocating from its previous offices at 30-30 Thompson Avenue in Long Island City.
“The SCA’s current 2020-2024 Capital Plan is the largest capital plan in our history and marks an unprecedented investment in our schools,” SCA President and CEO Nina Kubota said. “The expiration of our previous lease gave us the opportunity to expand our office blueprint in order to manage a larger portfolio of projects to improve the quality of our school environments, reduce overcrowding, and ensure our school buildings and other facilities are in a state of good repair.”
“This new location for our headquarters checks all the boxes,” Kubota added. “It provides additional space for our workforce with a vast array of transit options, but most importantly, it allows us to stay in the vibrant community that we have called home for more than 30 years.”
“We are extremely pleased to welcome SCA to One Court Square, in what we believe is a significant win for both SCA and Savanna,” said Brian Reiver, Chief Real Estate Officer at Savanna. “Highly renovated assets that are properly improved and proximate to major subway and commuter hubs are attracting tenants and able to capture demand in the market. With the improvements made at One Court Square, the asset has benefited from ‘flight-to-quality’ strategy tenants are focused on in today’s market.”
One Court Square is among the first modernized office and retail offerings to reach the commercial market in Long Island City. For office tenants, One Court Square offers new construction-quality space with large column-free floorplates of over 33,000 square feet, spectacular 360-degree views, and outstanding transportation options with the subway station entrance conveniently located within the building providing direct entry to the MTA’s E/M/7/G trains providing access to all boroughs of the City and short rides to major commuter hubs at Grand Central and Penn Station.
Savanna has invested in a major capital improvement plan at the building, improving tenant amenities including the 150,000 square foot retail annex where Target recently opened a store, upgrading building systems to improve efficiency and sustainability, and enhancing technical infrastructure. In the office tower, Savanna has also modernized and activated the lobby and related common areas, providing a more dynamic experience for tenants in the building, as well as residents and employees in the surrounding neighborhood.
JLL serves as exclusive leasing agent for One Court Square.