Savills Studley Arranges New Headquarters for Growing Technology Company

Savills Studley, the leading commercial real estate firm specializing in tenant representation, announced today that it has arranged a 78,000-square-foot lease for education technology company 2U at 55 Prospect Street in Dumbo Heights, Brooklyn.

Under the 12-year lease, 2U will occupy the entire eighth, ninth, and tenth floors and have access to the rooftop of the ten-story, 255,000-square foot building. The company will relocate its headquarters from Chelsea Piers, where it occupies 20,000 square feet, by the end of 2017.

Savills Studley Senior Managing Director Craig Lemle and Managing Director Nick Zarnin, along with Adam Schindler and Paul Schweitzer of Serten Advisors, represented the tenant in the transaction. Additionally, David Fleisher of Savills Studley was able to negotiate a package that will provide over $20 million in incentives to the tenant.

“We were very pleased to advise 2U in what we believe will be a game-changing deal for the neighborhood. After an extremely thorough search that covered all of Midtown South, Lower Manhattan, Long Island City, and various parts of Brooklyn, we found the perfect long-term home for 2U at 55 Prospect Street,” said Mr. Zarnin. “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.”

Founded in 2008, 2U partners with top-tier universities to create online degree programs that are equal to, or better than, traditional programs, with fully integrated student and faculty experiences.

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.

About Savills Studley

Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 29 offices in the U.S. and Canada, and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.

The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals and over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).

For more information, please visit www.savills-studley.comand follow us on LinkedIn and Twitter @SavillsStudley.