Touro College — one of the nation’s leading non-profit institutions of higher and professional education for the Jewish community — recently announced the closing of a 243,000-square-foot lease deal at 3 Times Square. The 32-year lease encompasses the entire third through ninth floors, with additional space on the first and second floors, as well as a dedicated lobby and entrance on West 43rd Street.

Touro was represented in-house by Jeffrey Rosengarten, who was assisted by a team comprised of Richard Bernstein, Steve Braun, Troy Elias and Jared Thal of Cushman & Wakefield. Tom Keating — along with Cushman & Wakefield’s John Cefaly, Lou D’Avanzo, Ron Lo Russo, Paige Engeldrum and Lauren Hale — negotiated on behalf of the landlord, Rudin Management.

Renting prices were undisclosed, but the New York Post reported an average asking rent in the low-$70s to mid-$80s per square foot at 3 Times Square. Originally constructed for Thomson Reuters in 2001, the 30-story property totals 850,000 square feet of prime Midtown Manhattan office space.

3 Times Square
3 Times Square, New York City

At the beginning of the pandemic, the building’s previous owner enlisted the services of architectural firm FXCollaborative for a major renovation effort at the tower. The $25 million property upgrade included the construction of a glass-walled lobby and a sculptural façade screen designed to diffuse the light of Times Square.

Touro plans to develop an attractive campus that will house classrooms; laboratories; student lounges and cafés; libraries; and event spaces, with more than 2,000 staff and students expected to work and attend classes there daily. Specifically, the new location will house several of the college’s schools, including the College of Pharmacy; New York School of Career & Applied Studies; Graduate School of Business; Graduate School of Education; and Graduate School of Jewish Studies. The property also offers easy access to Grand Central Station, a Port Authority station and Penn Station — an important advantage for commuting faculty and students.

“The signing of the lease at 3 Times Square for a new, state-of-the-art home for several of Touro’s world-class schools and programs indicates a bright and successful future for the institution,” said Zvi Ryzman, board chairman of Touro College & University System.

Notably, the institution’s unorthodox choice for its new campus will provide a much-needed economic boost to an area that has traditionally relied upon tourists and office workers.

In addition to its new Midtown campus, Touro also leases or owns about 1 million square feet in Manhattan and the outer boroughs. In total, it boasts more than 35 locations in the U.S., as well as in Berlin; Jerusalem, Israel; and Moscow, Russia.