Pace University has reached an agreement to move into 140 William Street, taking the entire 50,000 square foot building for its dance and visual arts programs, The Commercial Observer has learned.
The ground floor, which boasts 25 foot ceilings and column-free spans, will be converted to house an auditorium for performances, Mr. Ciminelli added.
Pace will be naming the dance school after an as-yet unidentified alum who has donated funds to the program, a source said. The deal at 140 William Street comes with branding rights that will allow the school to post the name of the program on the building’s exterior as well as hang university flags.
Educational institutions often seek standalone properties for classroom facilities because student traffic generally does not fit within an office building setting that a school would share with other tenants.
A spokesman at Pace didn’t respond by press time and executives at Lee & Associates, the real estate services firm that handles deals at 140 William Street said they could not comment. Chris Soukas, the building’s owner, couldn’t be reached.
140 William Street gained some attention in 2010 when the building’s prior owner Kent Swig defaulted on the property.
Daniel Geiger, Staff Writer, is reachable at DGeiger@Observer.com and can also be followed at Twitter.com/DanGeiger79.