| City University of New York/Borough of Manhattan Community College |
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The Challenge |
The City University of New York's Borough of Manhattan Community College (BMCC) needed additional classroom space near its main campus to accommodate a growing student population, and to replace a newly converted building near the World Trade Center that was destroyed on September 11th 2001 - just weeks before its multi-million dollar reconstruction was completed. |
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The Solution |
BMCC retained CB Richard Ellis (CBRE) as its exclusive representative and the project team began quickly searching for space that would replace the temporary classrooms that had been set up in cafeterias, student lounges and trailers, after the events of September 11th. CBRE searched the Downtown Manhattan market for a building that would meet the college's stringent requirements - a dedicated entrance and elevator bank to separate the student population from office tenants, weekday and weekend access, classroom-appropriate floor layouts and immediate possession. With the Federal Emergency Management Agency promising funding, CBRE identified and pursued transactions at a number of candidate properties, each of which fell through due to market forces, inflexible owners or client disapproval. Finally, after working extensively with the agent and ownership of 75 Park Place (Jack Resnick & Sons), CBRE developed an ambitious plan for a landlord-sponsored turnkey project that would make the BMCC transaction a reality. The solution included separate elevator banks and entrances for students, a second-floor skylobby, increased stairwell capacity and areas of refuge, expanded lavatory capacity and the addition of supplemental air conditioning.
The successful closing of the transaction at the end of 2003 required negotiations with and approvals from five government agencies as well as transactions with four existing tenants in the building. The final result was that the landlord secured a high-credit tenant for a 189,000 square foot, 10-year lease in a building at the edge of Ground Zero; BMCC got desperately needed classrooms and a long-term presence near its main campus building; The City University of New York increased its presence in Lower Manhattan; supporters of the World Trade Center reconstruction got a major commitment two blocks from the site; and New York City got the benefit of the19,000 students that will continue to be part of Downtown's rebirth.
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