By Ariela Moraru
New York—Savills Studley announced that it has closed a 12-year, 78,000-square-foot lease at 55 Prospect St. in Dumbo Heights, Brooklyn, on behalf of education technology company 2U.
2U will occupy the last three floors of a ten-story, 255,000-square-foot building, also benefiting from rooftop access. The company will uproot headquarters from Chelsea Piers, where it occupies 20,000 square feet, around four times less space, by the end of 2017.
The tenant was represented by Savills Studley Senior Managing Director Craig Lemle and Managing Director Nick Zarnin, along with Adam Schindler and Paul Schweitzer of Serten Advisors. Additionally, Senior Managing Director David Fleisher was able to negotiate a package that will provide over $20 million in incentives to the tenant.
CBRE Executive Vice President Sacha Zarba and Senior Vice President Jeff Fisher represented the landlord in the transaction. Asking rents were in the mid $60s per square foot range.
“The quality and flexibility of the space, as well as its location in the heart of the vibrant Dumbo Heights community, made it a great fit for an extremely collaborative company like 2U,” said Zarnin in prepared remarks.
Image courtesy of Dumbo Heights