CIM Group Signs The IDEAL School of Manhattan to 63,000 Square Feet at 5 Hanover Square Office Building in New York’s Financial District

10/26/2022

NEW YORK--CIM Group announced today that The IDEAL School of Manhattan has signed a long-term lease for 63,000 square feet at 5 Hanover Square, an approximately 338,049-square-foot office building, as the new home for the independent K-12 school. The IDEAL School will occupy floors two through five of the 25-story building, along with a portion of the ground floor for a private entrance.

The IDEAL School of Manhattan opened in 2006 as an independent school for students in Grades K-2 and has since grown into a K-12 school with a postsecondary program. The IDEAL School is the only independent inclusion school in New York and is known for its dedication to building a community founded on the principles of diversity, acceptance and excellence. It is fully accredited and registered with the New York State Board of Regents. Currently, the school has approximately 200 students each with individual learning styles, readiness levels and abilities. The school’s focus on inclusivity and individualized education is reflected in its college and postsecondary acceptance list that shows the academic diversity and unique paths of its students. The school is relocating from the Upper West Side and is anticipated to take occupancy in summer 2023.

“Bringing The IDEAL School to 5 Hanover Square is an example of the creative leasing approach that CIM Group undertakes at all of its properties. Office buildings can adapt to a blend of traditional business occupants and other uses that may include educational facilities, daycare and preschools, and places for socialization and collaboration such as membership clubs and co-working spaces,” said Shaul Kuba, Co-Founder and Principal, CIM Group.

A CIM Group-fund acquired the 5 Hanover Square office building in the heart of New York’s Financial District, in 2013. The fund has made modifications and improvements to the building including upgrades to the lobby and arrival experience such as art installations, décor and seating areas. It also added new elevator cabs, security features and replaced all of the building windows.

Eliza Gordon, John Wheeler, and Mitch Konsker from JLL handled the transaction on behalf of CIM Group. The IDEAL School was advised by Brent Ozarowski and Leslie Harwood of Newmark.

In addition to The IDEAL School, approximately 30,000 square feet of lease renewals at 5 Hanover Square have been executed recently.

For more than a decade, CIM Group has been an active owner and developer in the New York metropolitan area. CIM has successfully repositioned several office assets in New York City, attracting quality office and retail tenants seeking to improve the surrounding communities.

About CIM Group

CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.