Newmark Group Facilitates $386M Sale-Leaseback of Scholastic Corporation's NYC Headquarters

Newmark Group Facilitates Major Sale-Leaseback for Scholastic Corporation

Newmark Group, Inc., a leading commercial real estate advisory firm, confirms its pivotal role in a substantial sale-leaseback transaction involving Scholastic Corporation's New York City headquarters. Announced on December 19, 2025, the deal amounts to an impressive $386 million, marking a significant milestone in Newmark's portfolio of services. The transaction sees Scholastic sell its flagship property at 555–557 Broadway to a subsidiary of Empire State Realty Trust, Inc., while securing a long-term lease that enables them to continue their operations at this prime location, albeit with a reduced footprint.

The expertise of Newmark’s team is evident in the structuring of this deal. Co-Head of Capital Markets Adam Spies, along with Executive Vice Chairmen Joshua King and Avery Silverstein, plays a crucial role in navigating the complexities of the transaction. With support from seasoned professionals Adam Doneger and Marcella Fasulo, Newmark successfully facilitates an agreement that not only provides Scholastic with substantial net proceeds but also ensures the continuity of their operations. The sale-leaseback arrangement includes a 15-year lease with extension options, allowing Scholastic to maintain its presence in a vital market while entrusting property management and improvements to Empire State Realty Trust.

This transaction is a testament to Newmark's ability to adapt and respond to the evolving needs of its clients. As commercial real estate continues to undergo transformation, Newmark remains committed to providing tailored services across a diverse clientele, including corporations, institutional investors, and property owners. With revenues surpassing $3.1 billion and a global workforce of over 8,500 professionals, Newmark solidifies its reputation as a leader in the commercial real estate sector through such significant engagements.

In addition to the Scholastic deal, Newmark's ongoing efforts to innovate and enhance service delivery further distinguish the company in a competitive market. Their approach emphasizes not just transaction facilitation but a comprehensive understanding of market dynamics, enabling them to offer strategic insights that benefit their clients significantly.

The successful completion of the sale-leaseback transaction with Scholastic exemplifies Newmark's commitment to excellence in commercial real estate advisory services. As the industry continues to evolve, Newmark's strategic initiatives and dedication to client success position it favorably for future opportunities.