Cresa managing principal Peter Sabesan arranged renewal leases for approximately 90,000 square feet at two separate Midtown locations for LIM College, a private college focused on the fashion business.
The first represents an eight-year renewal for 60,000 square feet at 216 E. 45th St. The second renewal, for 30,000 square feet, is for 10 years at 535-545 Fifth Ave. Both buildings are located in the Grand Central area.
“Two long-term renewals by a highly-respected and venerable institution is an affirmation of the future of higher education in Manhattan,” said Sabesan. “Our team, which included Richard Selig and Mike Okun, researched many other availabilities and concluded these two buildings offered exceptional locations, services and value. Our client agreed.”
The landlord at 216 E. 45th, Bernstein Real Estate, was represented in-house by Vince Terranova and Peter Liptrot. The Moinian Group, which owns 535-545 Fifth Ave., was also represented in-house by Gabriel Dagan.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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