OPEN Impact Real Estate & Transwestern represent The Barrow Group in lease for New Performing Arts Center

New York, NY OPEN Impact Real Estate LLC (OPEN) and Transwestern Real Estate Services represented The Barrow Group (TBG) in a 15-year, 13,155 s/f lease for the performing arts nonprofit’s new location on the ninth floor of 520 8th Ave. in Manhattan’s Penn Plaza submarket. The new space will enable TBG to expand its artist development and training programs and will feature studios, office space and a high-quality, 60-seat performance venue.

Stephen Powers and Lindsay Ornstein, founders of OPEN, and Jake Cinti, vice president at Transwestern, jointly represented TBG in the transaction. Building ownership, GFP Real Estate, was represented in-house by Matthew Mandell, senior managing director.

“One of The Barrow Group’s central purposes is to empower artists through simple, clear, spontaneous storytelling, whether it be in an off-Broadway production, a reading, or a virtual workshop,” said Robert Yu Serrell, executive director of TBG. “This purpose and our commitment to accessibility, inclusion, and excellence has guided us through the pandemic and is the backbone of our new performing arts center. With our new home, our vision is to help revitalize New York City’s cultural landscape by enriching the lives of thousands of diverse artists through our in-person and online arts programs. We’re deeply grateful to our Board of Trustees, funders, and OPEN Impact Real Estate for their support and guidance in helping The Barrow Group to accomplish this.”

TBG’s new home was formerly occupied by The Upright Citizens Brigade Theatre, an improvisational theatre and training company founded by Amy Poehler. Built in 1926, the 26-story, 860,000 s/f office tower located in the heart of New York City’s famed Fashion District, and is in close proximity to Hudson Yards, Herald Square, Times Square, Madison Square Garden, The Port Authority and Penn Station. The new lease marks a significant expansion over TBG’s existing location, a 10,000 s/f space at 312 W 31st St.

“The performing arts are a large part of what makes New York City great, and they have been struck especially hard by the effects of the pandemic,” said Powers. “We are proud to help TBG expand after such a difficult year by securing a sustainable new home within 520 Eighth Ave., home to a number of performing arts organizations with a landlord that is committed to supporting the nonprofit and arts communities. The location will support expanded training, administrative staff, a flexible performance space, and gathering space for this creative community steps from the Broadway theater district.”

TBG anticipates moving to its new location in spring 2022. The project team on the space buildout includes YPI Project Management & Real Estate Advisory and Spectorgroup, a global architecture firm.

“TBG will be a wonderful addition to the arts and non-profit organizations at 520 Eighth Ave., which already includes The Alliance of Resident Theaters, The Shubert Organization, Theatre Development Fund, American Symphony Orchestra League, The Dramatist Guild Fund and the Theatre Communications Group,” said Jeff Gural, chariman of GFP Real Estate.  “As a fervent supporter of New York’s arts and entertainment community, it is important to ensure organizations like TBG have a first-class location to execute their mission.”