Education technology company Chegg has signed a deal that will bring 31 Penn Plaza to nearly full occupancy.
Vanbarton Group announced that the California-based company signed a seven-year lease for 24,205 s/f at the building located at 132 West 31st Street between Sixth and Seventh Avenues.
Chegg, which provides digital and physical textbook rentals, online tutoring, and other student services, will relocate from 10 East 39th Street to occupy the entire 12th floor of the 18-story office building.
Vanbarton Group was represented by Mitchell Konsker and Matthew Astrachan, Vice Chairmen, and Kyle Young, Vice President, with JLL. Chegg was represented by Scott Brown, Managing Director with Newmark Knight Frank.
“We are thrilled to have concluded this transaction with Chegg, the leading student-first, interconnected learning platform,” said Astrachan. “Chegg’s focus on its employees was clear from the start, as the company stressed the need for a collaborative and efficient new environment. 31 Penn Plaza will provide this and more.”
In the past year, JLL has inked over 150,000 s/f in leases for office space at the building for Vanbarton Group, including Spaces taking 83,840 s/f, online pharmacy Capsule Corp. signing for 20,726 s/f and ExecOnline taking 10,204 s/f.
The property has just one full floor still available, the 15th floor, totaling 23,009 s/f.
Vanbarton Group recently completed a major renovation that included the creation of a building-within-a-building concept, façade restoration, lobby conference center addition, a penthouse reconfiguration and rooftop terrace, modernized security and infrastructure enhancements, upgraded common areas and additional retail and tenant amenities.