Transwestern Advises Nonprofit’s Real Estate Strategy to Support College’s Mission
July 02, 2019
New York City – Transwestern Commercial Services today announces Relay Graduate School of Education is moving into a new 40,000-square-foot location at 25 Broadway that will serve as both the New York campus and national headquarters for the education nonprofit. Transwestern Partner Lindsay Ornstein and Managing Director Stephen Powers, who also leads the firm’s National Nonprofit Advisory Services, provided tenant representation services for Relay.
The new location will support Relay’s mission to teach educators and school leaders to develop in all students the academic skills and strength of character needed to succeed in college and life. The nonprofit moved to its new home, also known as the Cunard Building, in late June.
“We are excited to move to our new campus and headquarters, which will enable us to prepare teachers and principals to lead the charge for a brighter future,” said Dr. Mayme Hostetter, President, Relay. “Both our employees and students will benefit from our new state-of-the-art facilities, as well as having a single location for all our classes.”
With a dedicated entrance on Broadway, creating a building within a building, Relay’s students, faculty and employees will enjoy a modern, campus-like setting. The new location required substantial interior upgrades aimed at amplifying the incredible ceiling heights, Juliet balconies and rich architectural details of the space. Relay’s classrooms and offices will be on the third floor, which is uniquely ringed around the dome of the original great hall, now home to the ballroom operated by Cipriani.
“At the heart of the search process was the concept of Relay as a visionary organization in the education landscape and the need for its campus and headquarters to reflect the bold ideals at its core,” said Ornstein. “Our Transwestern team unlocked an opportunity at 25 Broadway to create a true campus environment that honors Relay as the alma mater of thousands of teachers, as well as innovators transforming education.”
Designed by Method Design, the new headquarters has a focus on collaboration and efficiency. The space has eight classrooms, the largest of which can accommodate more than 125 attendees, as well as 20 dedicated offices and conference rooms. There is workstation space for a total of 140 people, plus soft seating for an additional 50. Standing desks for staff promote a more active workstyle.
The pioneering design includes multiple wellness rooms, gender-neutral bathrooms, a full library, private phone booths, a community meeting room, student commons and a bike room. It is also equipped with modern technology, such as a new video conference system.
Much larger than Relay’s current location at 40 W. 20th St., the new space will allow Relay to conduct the majority of its classes on-site, as well as host larger, national professional development sessions for educators. During the upcoming school year in September, Relay will welcome an estimated 1,700 educators into its teacher preparation programs in New York City. Nationwide, Relay will have a student body of approximately 3,700 current and aspiring teachers and 1,200 principals.
Building ownership, The Wolfson Group, was represented in the lease by CBRE brokers Bruce Surry, Richard Levine and Gary Kamenetsky.
According to Transwestern research on New York City real estate, Manhattan’s Downtown market consisted of 92 million square feet of office space, with 12.6 percent availability and 11.4 percent vacancy, as of the close of first quarter 2019. For the same period, the World Trade Center submarket consisted of 34.1 million square feet of office space, with 14.4 percent availability and 14.2 percent vacancy.
ABOUT TRANSWESTERN COMMERCIAL SERVICES
Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.
ABOUT RELAY GRADUATE SCHOOL OF EDUCATION
The Relay Graduate School of Education is a national, accredited, nonprofit institution of higher education whose mission is to teach teachers and school leaders to develop in all students the academic skills and strength of character needed to succeed in college and life. Now serving over 3,500 teachers in 18 cities and more than 1,200 leaders nationwide, Relay is eager to bring about transformational change in educator preparation. Relay is committed to using practice and feedback to become the place where a new generation of continuously improving, results-focused individuals can fulfill their destiny in the world’s greatest profession. For more information, please visit the Relay website (https://relay.edu) or follow Relay on Facebook, Instagram, and Twitter (@RelayGSE).