(Feb. 14, 2022 – New York City) – OPEN Impact Real Estate LLC (OPEN) and Transwestern Real Estate Services announce that they represented The Barrow Group (TBG) in a 15-year, 13,155-square-foot lease for the performing arts nonprofit’s new location on the ninth floor of 520 8th Ave. in Manhattan’s Penn Plaza submarket. The new space will enable TBG, whose notable alumni and past company members include Academy Award winner Anne Hathaway, Academy Award nominee Vera Farmiga, and Emmy Award winner Tony Hale, to expand its artist development and training programs and will feature studios, office space and a high-quality, 60-seat performance venue.
Stephen Powers and Lindsay Ornstein, founders of OPEN, and Jake Cinti, vice president at Transwestern, jointly represented TBG in the transaction. Building ownership, GFP Real Estate, was represented in-house by Matthew Mandell, senior managing director.
“One of The Barrow Group’s central purposes is to empower artists through simple, clear, spontaneous storytelling, whether it be in an off-Broadway production, a reading, or a virtual workshop,” said Robert Yu Serrell, executive director of TBG. “This purpose and our commitment to accessibility, inclusion, and excellence has guided us through the pandemic and is the backbone of our new performing arts center. With our new home, our vision is to help revitalize New York City’s cultural landscape by enriching the lives of thousands of diverse artists through our in-person and online arts programs. We’re deeply grateful to our Board of Trustees, funders, and OPEN Impact Real Estate for their support and guidance in helping The Barrow Group to accomplish this.”
TBG’s new home was formerly occupied by The Upright Citizens Brigade Theatre, an improvisational theatre and training company founded by Amy Poehler. Built in 1926, the 26-story, 860,000-square-foot office tower located in the heart of New York City’s famed Fashion District, and is in close proximity to Hudson Yards, Herald Square, Times Square, Madison Square Garden, The Port Authority and Penn Station. The new lease marks a significant expansion over TBG’s existing location, a 10,000-square-foot space at 312 W 31st Street.
“The performing arts are a large part of what makes New York City great, and they have been struck especially hard by the effects of the pandemic,” said Powers. “We are proud to help TBG expand after such a difficult year by securing a sustainable new home within 520 Eighth Avenue, home to a number of performing arts organizations with a landlord that is committed to supporting the nonprofit and arts communities. The location will support expanded training, administrative staff, a flexible performance space, and gathering space for this creative community steps from the Broadway theater district.”
TBG anticipates moving to its new location in spring 2022. The project team on the space buildout includes YPI Project Management & Real Estate Advisory and Spectorgroup, a global architecture firm.
“TBG will be a wonderful addition to the arts and non-profit organizations at 520 Eighth Avenue, which already includes The Alliance of Resident Theaters, The Shubert Organization, Theatre Development Fund, American Symphony Orchestra League, The Dramatist Guild Fund and the Theatre Communications Group,” said Jeff Gural, chariman of GFP Real Estate. “As a fervent supporter of New York’s arts and entertainment community, it is important to ensure organizations like TBG have a first-class location to execute their mission.”
According to research by Transwestern, the Penn Plaza submarket of Manhattan consists of 69 million square feet of office space and had a 16.6% availability rate as of Q4 2021.
About The Barrow Group
The Barrow Group (TBG) is an award-winning non-profit performing arts group located in the heart of New York City, serving more than 14,000 artists and audience members a year. Founded in 1986, TBG’s artistic programs consist of producing an annual season of theatrical productions for the public, a developmental program that cultivates original stories and the artists who tell them, and a training program that supports artists from a wide range of backgrounds, identities, and experience levels. We strive to offer the most accessible programs possible, keeping our prices low and offering a robust diversity scholarship program for underserved artists. TBG has produced 62 fully-staged productions of which 52 were World, U.S., or New York Premieres. In 2005, TBG won a Drama Desk Award for Off-off-Broadway Excellence. Notable alumni of TBG’s training program include Academy Award winner Anne Hathaway, three-time Emmy winner Jennifer Landon, and Emmy winner Tony Hale. TBG’s mission is to combine spontaneous acting with well-crafted stories that address social, spiritual, and political issues, enriching our community with a greater understanding of ourselves, others, and the world around us. We believe in the importance of representation across the creative industry, and are committed to building a community of alumni, staff, board, and audiences who reflect the beautiful diversity of our city. For more information, please visit www.barrowgroup.org or follow @thebarrowgroup.
About OPEN Impact Real Estate LLC
OPEN Impact Real Estate (OPEN) is a woman-owned business that delivers a comprehensive range of commercial real estate brokerage and advisory services, with a focus on supporting social-minded, mission-driven organizations. Based in New York City, OPEN serves clients across the United States, particularly those that value the benefits of working with an M/WBE with deep expertise in furthering mission through physical space. OPEN is an affiliate of Transwestern Real Estate Services. For more information, please visit www.openregroup.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.
About GFP Real Estate, LLC
Committed to building a better New York since 1952, GFP Real Estate is a vertically integrated owner, operator, property manager and developer of commercial real estate in the New York metropolitan area. With over 55 buildings and more than 12.8 million square feet under ownership, GFPRE’s portfolio includes some of New York’s most iconic real estate assets.
