Business
Newmark Advises Scholastic on $386 Million Sale-Leaseback of New York City Headquarters
Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark"), a leading commercial real estate advisor and service provider to global corporations, institutional investors, and owners and occupiers, announces the Company served as exclusive real estate advisor to Scholastic Corporation (Nasdaq: SCHL) on the $386 million sale-leaseback of its New York City headquarters located at 555–557 Broadway. Newmark Co-Head of Capital Markets Adam Spies, Executive Vice Chairman Joshua King and Executive Managing Director
About this update from Scholastic Corporation
[{"type":"text","content":"NEW YORK, Dec. 19, 2025 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark"), a leading commercial real estate advisor and service provider to global corporations, institutional investors, and owners and occupiers, announces the Company served as exclusive real estate advisor to Scholastic Corporation (Nasdaq: SCHL) on the $386 million sale-leaseback of its New York City headquarters located at 555–557 Broadway. Newmark Co-Head of Capital Markets Adam Spies, Executive Vice Chairman Joshua King and Executive Managing Director Avery Silverstein represented Scholastic in the transaction, with support from Executive Vice Chairmen Adam Doneger and Marcella Fasulo.","length":707,"tagName":"p"},{"type":"image","alt":"Newmark Group, Inc. (PRNewsfoto/Newmark Group, Inc.)","displaySize":"","headline":null,"caption":"Newmark Group, Inc. (PRNewsfoto/Newmark Group, Inc.)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":63,"url":"https://media.zenfs.com/en/prnewswire.com/0910291012f8767c74bdad6f50603da1"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/p0hz2FxruQESwdfya5ym4w--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTExMTtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/0910291012f8767c74bdad6f50603da1","width":400,"height":63}},"href":"https://mma.prnewswire.com/media/1057994/Newmark_Group_Logo_v1.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Under the terms of the transaction, Scholastic sold the property to a subsidiary of Empire State Realty Trust, Inc. (NYSE: ESRT) and entered into a long-term lease to continue operations at the location, while reducing its overall footprint. The transaction is expected to generate significant net proceeds for Scholastic.","length":322,"tagName":"p"},{"type":"text","content":"The sale-leaseback features a 15-year lease with extension options. Empire State Realty Trust will assume responsibility for ongoing property maintenance and capital improvements, while Scholastic retains long-term access to the space necessary for its business operations.","length":273,"tagName":"p"},{"type":"text","content":"About NewmarkNewmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. New...