Education Manager Subleases 54,199 SF

NEW YORK CITY-EdisonLearning has subleased 54,199 square feet at 485 Lexington Ave., relocating from its existing space at 521 Fifth Ave. The education management firm subleased the entire second floor from Advance Magazine Publishers for 11 years at the 921,370-square-foot office tower, which is owned by SL Green Realty Corp.

A New York-based Jones Lang LaSalle team including managing director Daoud Awad, international director Derek Trulson and SVP William Peters represented EdisonLearning. Advance Magazine Publishers was represented by a CB Richard Ellis team, including senior associate Jason Frazier, SVP David Hollander, EVP Ken Meyerson and vice chairman Gregory Tosko.

Awad says in a release that EdisonLearning “was considering all options, including a substantial relocation out of Manhattan, but the economics of the transaction allowed the firm to remain in Midtown.’ He adds that the subtenant was able to take advantage of “a competitive subleasing market to obtain a cost-effective rent and a relatively new installation.” Asking rents for the second floor are $45 per square foot.

Advance had recently built out the second floor at 485 Lexington, says Awad, thereby allowing EdisonLearning “to avoid significant capital expenditures prior to moving into its new space.” Other tenants at the building, which is located between East 46th and East 47th streets, include Citibank and St. Paul’s Travelers.