770 Broadway, a landmarked Manhattan mixed-use office building constructed in the early 1900s as the flagship Wanamaker department store, is a case study in how a historically significant commercial property can successfully evolve over time.
After previously serving as the global headquarters of upscale clothing label J.Crew and later as Facebook's New York flagship, New York University’s nearly 1.1 million‑square‑foot master lease at the property — one of the largest and longest‑term office lease transactions ever executed in New York — signals “the next, and most transformational — chapter in the building’s history,” according to landlord Vornado Realty Trust.
The deal also underscores a broader shift in how New York’s most prominent office buildings can be “reimagined,” transitioning beyond legacy Class A office use by traditional corporate tenants to long‑term higher education and life science‑oriented campus environments that generate “sustained economic, educational and community impact,” Vornado said.
The transaction was structured as a 70‑year, triple‑net, “as‑is” master lease, meaning the tenant covers building costs, including property taxes, insurance and maintenance.
The deal included a prepayment from New York University of $935 million, a portion of which Vornado has said was planned for repayment of a $700 million mortgage loan on the property. The university has agreed to annual payments of about $9.3 million during the term, Vornado has said.
The lease earned a 2026 CoStar Impact Award, as judged by a panel of real estate professionals with knowledge of the local market.
About the project: The transaction required a highly customized legal, financial and structural approach to accommodate New York University’s long‑term research and academic goals, Vornado said.
What the judges said: The lease "is a generational achievement,” said Josh Wein, managing director at RAL Cos.
Elad Dror, president at PD Properties, said the transaction “represents a fundamental shift in how large‑scale office assets can be repositioned through institutional partnerships."
They made it happen: Vornado’s team on the project included Glen Weiss, Pamala Caruso, Edward Riguardi, Adam Green, David Barattin, Ryan Levy, Alexandra Bedell, Dan Ruanova, Alec Ventrice and Sandy Reis.
CoStar Senior Market Manager Grant Hunt contributed.