New York Law Journal/Marketplace: Pace secures new location for its performing arts department

The leasing of new performing arts space at 140 William Street underscores Pace’s commitment to being a cultural hub for lower Manhattan.


Monica Paquette / New York Law Journal / January 25, 2012

Securing a new location for its performing arts department and programs, Pace University has signed a 20-year lease for the entire seven-story 140 William St. property known as Fulton Crossing. The owner of the 50,000-square-foot building is Crikos LLC.

“This was a rare opportunity for Pace University to secure an entire building of ideal size and layout in a strategic location,” William McGrath, Pace’s senior vice president and chief administrative officer, said in an e-mail. “The new space is mostly an expansion due to the success and growth of our performing arts program.”

“The location underscores Pace’s commitment to being a cultural hub for lower Manhattan,” added Jorge Luis Cacheiro, who joined the university in September 2011 and is chair of the Dyson College of Arts and Science’s Performing Arts Department at Pace University.

Bradley A. Kaufman, a partner at Pryor Cashman and member of the firm’s real estate group, and Andrea R. Gendel, of counsel in the real estate group, represented Crikos.

Jacob Bart, a partner at Stroock & Stroock & Lavan, represented Pace University. In addition, the university was internally represented by Stephen Brodsky, university counsel, and Robert Yarbrough, assistant university counsel.

Mr. Cacheiro said the William Street building will not only accommodate Pace’s dance programs but will be the “new home” of Pace’s performing arts department, a comprehensive undergraduate program with training in multiple disciplines, including acting, musical theater, design, technology and directing.

Pace’s performing arts dance program will be leaving its current 12,000-square-foot space at 280 Broadway after its lease expires. Including 140 William St. and the planned construction of a residence hall at 180 Broadway, the university will occupy eight buildings along what has been coined “Pace corridor,” bordered by William and Fulton streets, Broadway/Park Row and Pace Plaza.

“When we started marketing the building, we were looking for institutional, full-building users,” Peter Braus, managing partner at Lee & Associates NYC that handled the lease for the owner, said in a statement. “Pace fit the bill perfectly.”

According to public records, Christopher Soukas, reportedly an affiliate of Crikos, acquired 140 William St. in 2010, and Sierra Real Estate handled the acquisition.

Pace began its search for a new building about 18 months ago. The property was largely vacant but was in need of significant renovations, which were part of the lease, said Mr. Kaufman.

The university declined to discuss financial information about the lease. Reports say the annual asking rental rate reached $1.7 million and that rate was in the $20s per square foot.

Formerly, 140 William St. was the headquarters of the American Numismatic Society, James R. Wacht, president of Lee & Associates NYC and of Sierra Real Estate, said in an e-mail. The landlord preferred finding a single tenant because “the cost of creating a multi-tenant building would have been extremely high,” he said. The property was marketed as Fulton Crossing to emphasize the strength of a highly trafficked Fulton Street location, he said.

For the 2012 performing arts spring semester, the university will receive approximately 125 to 150 new students. Next year, about 450 “majors” will be attending classes at 140 William St. with future plans to grow incrementally, Samuella Becker, assistant director of Pace University’ public relations, said in an e-mail.

“This is an extremely good deal for both parties,” Mr. Wacht said.

Pace University’s branding of 140 William St. will include exterior signage and university flags, and renovations will begin soon. The owner will be making substantial capital improvements to increase its long-term value. In addition to the creation of classrooms, faculty offices and a dance studio, plans include the design and construction of a 100-seat theater on the first floor.

On Feb. 13, Pace will unveil its new Performing Arts series at the Schimmel Theater, at One Pace Plaza.

Pace expects to occupy 140 William St. in time for the 2012 fall semester.

David A. Falk, president of New York Tri-State region at Newmark Knight Frank, along with Kyle J. Ciminelli, director, handled the lease on behalf of Pace University.

In addition to Mr. Braus and Mr. Wacht, Gabe Isaacs, Peter Levitan and Garry Steinberg, who are managing directors at Lee & Associates NYC, served Crikos.

LatinTRENDS Magazine: 2011 Annual Latino Trendsetter Awards Honor Jorge Luis Cachiero for Outstanding Achievements and Leadership in the Hispanic Community

The 10th Annual Latino Trendsetter Awards will honor Jorge Luis Cachiero, Chairman of the Dyson College of Arts & Sciences Performing Arts Department of Pace University, in a November 29 ceremony hosted by Jorge Ramos of Telemundo in New York City. Produced by LatinTRENDS Magazine, the annual awards celebrate excellence and recognizes groundbreaking leaders in business, education, entertainment, art, health, community service, and more.

Jorge Luis Cacheiro, Chairman of the Dyson College of Arts & Sciences Performing Arts Department, has been a leading university theater innovator for almost two decades.

As a director, Cacheiro has a long history of working on new plays. He has directed world, U.S. and west coast premieres of plays by such prominent playwrights as Harry Kondoleon, David Lindsay-Abaire, Eduardo Machado and Luis Santeiro, in theaters ranging from New York Theater Workshop, Circle Repertory, INTAR in New York, Echo Theater in Los Angeles and the Magic Theater in San Francisco.

For the past ten years, Cacheiro has also focused on creating cultural bridges between the United States and his native Cuba. The work includes pursuing academic agreements between Cuba’s Institute of Superior Arts and American universities, bringing Cuban theater artists to the U.S., and most recently directing in Havana, Cuba. In 2010, with the Latin American premiere of Jorge Cortinas’ Canto del Pozo Ciego, Cacheiro became the first American director invited to lead a Cuban company. TCG and the Andrew Mellon Foundation generously supported this production. He returns to direct again in Havana in 2013.

On November 29 in New York City, he will be celebrated at the 10th Annual Latino Trendsetter Awards and scholarship gala for his leadership in the Hispanic community along with 17 other notable Latino achievers. Click here to learn more about Cachiero’s fellow honorees.

A personal profile, also appearing on LatinTRENDS “Meet the Trendsetters” website, is below.

Q & A

Where were you born & raised?
I was born in Havana, left at 4, and grew up in Queens NY.

Share some memories of your childhood.
There are many memories but two very strong memories as a
young boy are leaving Cuba and a lot of family I never saw again,
and then entering the American school system as a young boy not
speaking a word of English. Shock, shock, shock. You develop
tough skin quick.

What is some of your favorite music?
Favorite music – is electric blues. I love it’s soul and it’s wail!
Favorite artists — so, so many— including Beny More (can’t do the
accent on this keyboard), Bob Dylan, Billie Holiday, Derek and the
Dominoes, Beatles, Stones, Sinatra.

What does being Latino mean to you?
Latino – it’s a belief and pride in both our culture and in our case,
our unique American experience. We have all had to climb our
own mountains to get here, but we can never forget who came
before us or who will come after. Much of my work in Cuba is about this, it supersedes politics which
are always temporary compared to the human spirit – people who are forever.

As an honoree, what do you hope to accomplish?
Being a trendsetter winner is an honor and most importantly
an affirmation of my path, of opening dialogue among our
community and not being afraid to think BIG.

What advice would you give a young Latino looking to enter your field?
Follow your heart and protect your dream. There will always be
obstacles but they are just there to make you stronger. “Jorge Luis Cacheiro as New Chair of Pace Performing Arts Department”

“We are extremely fortunate to have someone of Jorge Cacheiro’s caliber as the leader of our rapidly growing performing arts department, which has attracted nearly 400 declared majors from all over the country,” said Nira Herrmann, PhD. Dean, Dyson College of Arts and Sciences.

Jorge Luis Cacheiro joins Pace from Montclair State University, where he was the founder and first director of the New Works Initiative (NWI), which is dedicated to developing new work for the American theater and dance world.

A graduate of the Yale School of Drama, during the past two decades Cacheiro has also headed MFA Professional Director Training Programs at Ohio University in Athens, the University of Southern California in Los Angeles and the University of Arkansas in Fayetteville. 

Considered one of the country’s leading acting teachers, Cacheiro has taught Master classes at UCLA, Cal Arts, Princeton and the University of Iowa, as well as run his own studio in Los Angeles.

“From my very first visit on Pace’s campus, I sensed an immense energy from students, faculty and administration alike,” said Cacheiro, in an article appearing on “There is an undeniable united goal to make Pace’s Performing Arts Deparrtment (PAD) one of the nation’s leading professional training programs. I am confident that with the support of our outstanding faculty, we will succeed.”

In choosing Cacheiro, PAD has gotten a scholar/artist with a keen entrepreneurial vision of present-day education.  According to Cacheiro, “We are in the business of education. This is our contemporary reality. I am very comfortable in both of these worlds. The cross section between the university world and the larger industry is still being defined. I believe it offers immense opportunities in the training and career prospects of young artists and creative thinkers.”

Cacheiro plans to immediately introduce a New Work Initiative similar to one he created at Montclair State University. This would complement the Pace New Musicals program.

“The two programs will help imprint Pace’s Performing Arts Department as an important incubator of new American performance work, a place where major professional artists — writers, composers, choreographers — can draft and develop work in a safe environment,” elaborated Cacheiro. “For our students to take part in the process as performers is an invaluable training and networking opportunity. We want to nurture work at Pace from the development phase hopefully all the way to a world premiere.”