Case Study General Assembly
Space 60,000 sq ft
Type Technology Startup
Location 902 Broadway
When we met the four founders of General Assembly, they were in the early stages of figuring out who they were as a company, honing their business model and clarifying their space needs. Their plan: a tech campus with classes and events at the intersection of technology, design and entrepreneurship. Their situation: a great idea with limited funding. These days, things are a little different: GA has quickly become one of the biggest names in the task-based education space and has over 60,000 rentable square feet of classroom and office space in New York with over 450 employees globally.
The idea on which a new company is built is often more substantial than its bank account. There's a basic difference between the way landlords consider risk and the way startups do: entrepreneurs rely on the potential, while risk averse landlords just want rent guarantee. A landlord must weigh the risk of little to no financial history with the reward of monetary gain and building cache should the start-up succeed. It’s a classic real estate Catch-22.
For the landlords of 902 & 915 Broadway, this paid off in a big way.
As a tech start-up, we knew General Assembly should be in the epicenter of the NYC tech scene – with that, we focused on 16,500 sq. ft. full floor at 902 Broadway in the heart of Union Square. We needed to convince the landlord to take a leap of faith based on their business model, potential, and the founders themselves.
We knew that no one could tell GA's story better than its founders, and prepped them accordingly to get into the room with the landlord. Their preparedness paid off - everyone came to an understanding and one of the most exciting new businesses in New York was off and running.
A year later, GA was experiencing rapid growth and needed another floor, which unfortunately wasn't available in their existing building. With no space in 902 Broadway, we negotiated the next best thing: a 13,500 sq. ft. full floor for classroom and training space across the street at 915 Broadway.
Where They Are Now
To date we have done 5 deals with GA totaling more than 60,000 rentable square feet. The company now occupies the entire 4th Floor at 902 Broadway and the entire 2nd, 3rd, and 4th floors at 915 Broadway.