Lipinski and Kucha of Colliers ABR rep. SVA in two leases - 74,000 s/f

Colliers ABR, Inc. has arranged a total of 74,000 s/f in two back-to-back lease transactions for the School of Visual Arts (SVA). The properties include a theatre and an office building in the Chelsea section. In the first transaction, the School of Visual Arts signed a 26-year lease for a 20,000 s/f theatre located at 333 West 23rd St. The building holds two movie theatres and the school plans to start using it as a venue for lectures, film screenings and other public events. Neil Lipinski, senior managing director and principal of Colliers ABR, Inc. represented the SVA in both transactions. Tim Kucha of Colliers ABR, Inc. assisted Lipinski in the theatre deal. The theatre property owner, Mutual Redevelopment Houses, Inc. negotiated directly. "After five years of canvassing the market, we identified a remarkable theatre on West 23rd St., perfect for the SVA," said Lipinski. "We learned that the current tenant of the theatre had just renewed its lease, but would be willing to terminate its lease under certain conditions. The landlord was also interested in having SVA as a long term replacement tenant. So the challenge was to simultaneously execute a termination agreement with the existing tenant and a new long term lease with the landlord." Brendan Keany, general manager of Mutual Redevelopment Houses, Inc., said, "We are proud to be associated with the SVA, which is a respected and well known institution in Manhattan. We think that their use of the theatre on West 23rd St. will enhance both the SVA as well as the community at large." In the second transaction, the SVA signed a 14-year sublease for 54,000 s/f in an office building located at 335 West 16th St. The school will occupy the entire five-story building. The building will house the undergraduate fine arts department. SVA is subleasing the space from ADT Security Services, a division of Tyco International. CB Richard Ellis broker Michael Scimo represented ADT with colleague Dirk Hrobsky.