BMCC Leases 200,000 SF in Lower Manhattan

After more than two years of cramming students into makeshift classrooms in cafeterias, hallways and outdoor trailers, the Borough of Manhattan Community College revealed that it signed a deal for a new home to replace Fiterman Hall, which was destroyed during the terrorist attacks on Sept. 11.

BMCC leased 190,000 square feet at Jack Resnick & Sons' 75 Park Place, a 565,000-square-foot office building. After the terrorist attacks, it lost both classroom capacity and faced a growing student body.

"The deal was made to get the students out of these temporary trailers, where they've been for too long," said Joseph Whitaker, vice president at CB Richard Ellis Inc., which represented BMCC.

In order to accommodate the needs of the school and not disrupt the office tenants, Resnick is building out separate entrances and exits, interior staircases, a skylobby and separate elevators. The building should be available for classes beginning September 2004.

"This deal would not have happened unless Resnick had made a commitment at the start of discussions that it would do everything it could to try to accommodate BMCC with classroom facilities," said Richard Levine, first vice president at CB and Whitaker's partner on the deal. "BMCC is an important Downtown institution and the owner was extremely flexible and innovative in making it happen."

CB worked with BMCC for more than a year before signing at 75 Park Place. Resnick agreed to design the school's space and pick up the construction costs. The value of the lease and the buildout were undisclosed, but it is reported that BMCC will pay $70 million over 10 years.