NEWS RELEASE: Pace University to Open New Residence Hall in Downtown Manhattan
FOR IMMEDIATE RELEASE
Pace University to open new residence hall in downtown Manhattan
Signs agreement with SL Green for 24-floor building to be constructed at 180 Broadway
Will bring all resident students within a 5-minute walk from campus
NEW YORK, NY, December 23, 2010 – Pace University has signed an agreement with SL Green Realty Corp. (NYSE: SLG), a real estate investment trust that is Manhattan’s largest commercial office landlord, to construct a new 24-floor residence hall for students living on the University’s downtown Manhattan campus. The new hall will be at 180 Broadway at the corner of John Street, five blocks south of City Hall.
The building will fulfill an objective of the University’s five-year strategic plan, developed under President Stephen J. Friedman, to put all Pace’s downtown students within a five-minute walk from the campus. Though Pace began 104 years ago as a commuter school, more than half its undergraduate students now live on campus.
“This new residence hall will be a major enhancement for generations of Pace students who value the experience of living and learning in lower Manhattan,” said William McGrath, Pace’s Senior Vice President and Chief Administrative Officer. “We’ve been providing professional leaders and scholarship to the community since we started here 104 years ago, and we intend to be a force in the area’s continuing rebirth.”
The new hall will replace the roughly 600 beds the University currently leases in Brooklyn Heights.
Other University residences downtown are at 55 John Street, 106 Fulton Street, and in the University’s multi-function building at 1 Pace Plaza, just east of City Hall.
The construction is part of a new University-wide master planning effort for Pace.
In Westchester County, an undergraduate and graduate campus in Pleasantville also is slated for consolidation and redesign.
The University has a law school and graduate center in White Plains, and holds classes in the Fred R. French building at 551 Fifth Avenue.
SL Green is conveying a long-term ground lease condominium interest to Pace for the residence hall portion of the building, for which demolition has already commenced. Current plans call for the new hall to open in 2013.
Karl Fischer Architect from Montreal, Canada, with offices in New York City, is behind the design of the new 180 Broadway. Pace’s real estate interests were represented by David A. Falk of Newmark Knight Frank; it was represented legally by Strook & Strook & Lavan LLP.
Retail spaces will occupy the new building’s first three floors, and one of its higher floors will be reserved for student activities and amenities.
About Pace University
For 103 years, Pace University has produced thinking professionals by providing high quality education for the professions on a firm base of liberal learning amid the advantages of the New York metropolitan area. A private university, Pace has campuses in New York City and Westchester County, New York, enrolling nearly 13,000 students in bachelor’s, master’s, and doctoral programs in its Lubin School of Business, Dyson College of Arts and Sciences, Lienhard School of Nursing, School of Education, School of Law, and Seidenberg School of Computer Science and Information Systems. www.pace.edu
About SL Green Realty Corp.
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. SL Green is the only publicly held REIT that specializes in this niche. As of September 30, 2010, SL Green owned interests in 30 New York City office properties totaling approximately 22,324,460 square feet, making it New York’s largest office landlord. In addition, at September 30, 2010, SL Green held investment interests in, among other things, eight retail properties encompassing approximately 366,312 square feet, three development properties encompassing approximately 399,800 square feet and two land interests, along with ownership interests in 31 suburban assets totaling 6,804,700 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.
Media contacts: For Pace: Christopher T. Cory, 212-346-1117, cell 917-608-8164, firstname.lastname@example.org
For SL Green: Rick Matthews, Rubenstein Public Relations, 212-843-8267.