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NYU Will Master Lease Vornado’s 770 Broadway
Vornado Realty Trust said on its third-quarter earnings call Tuesday that New York University agreed to master lease the 1.1-million-square-foot office component of 770 Broadway following the expiration of Meta Holdings’ lease in 2025. NYU has an option to purchase the office space in the 30th year and the 70th year of the lease.
“The master lease will provide for an upfront payment of prepaid rent sufficient to pay off our $700-million loan on the property, as well as an annual net rent over the lease term,” Vornado chairman Steven Roth said Tuesday. “Both parties have signed a detailed letter of intent and expect to execute final binding papers shortly. I expect the closing and rent commencement would occur in January. We are delighted to expand our relationship with NYU.”
Published reports of a “handshake deal” between Vornado and an unnamed 770 Broadway tenant first surfaced in August.
- ◦Lease
