Chegg takes 24,205 SF at Class A, 450,000 SF office building

Vanbarton Group has completed a seven-year lease, totaling 24,205 SF, with Chegg (NYSE: CHGG) at 31 Penn Plaza, located at 132 West 31st Street between Sixth and Seventh Avenues.The education technology company will move into the entire 12th floor of the 18-story office building.

Vanbarton Group was represented by Mitchell Konsker and Matthew Astrachan, Vice Chairmen, and Kyle Young, Vice President, with JLL. Chegg was represented by Scott Brown, Managing Director with Newmark Knight Frank.The company is relocating its New York office from 10East 39th Street.

“We are thrilled to have concluded this transaction with Chegg, the leading student-first, interconnected learning platform,” said Astrachan. “Chegg’s focus on its employees was clear from the start, as the company stressed the need for a collaborative and efficient new environment. 31 Penn Plaza will provide this and more.”

31 Penn Plaza continues to experience strong leasing momentum. In thepast year, JLL has inked over150,000SFin leases for office space at the building for Vanbarton Group, including Spaces taking 83,840 SF,online pharmacy Capsule Corp. signing for 20,726 SF and ExecOnline taking 10,204 SF.The property has justone full floorstill available, the 15th floor, totaling 23,009 square feet.

Vanbarton Group recently completed a multimillion dollar renovation that included the creation of a building-within-a-building concept, façade restoration, lobby conference center addition, a penthouse reconfiguration and rooftop terrace, modernized security and infrastructure enhancements, upgraded common areas and additional retail and tenant amenities. The property is located close to 10 subway lines as well as major transportation hubs including Pennsylvania Station, Grand Central Terminal and Port Authority.

About Vanbarton

Vanbarton Group is a privately owned, vertically integrated real estate investment and advisory firm founded in 1992 with corporate offices in New York City and San Francisco. With its proven expertise successfully investing across the capital stack in varying ways throughout real estate cycles, Vanbarton's investments include core, core-plus and value-add equity investments, preferred equity, junior participations, bridge loans, secondary market debt acquisitions and securitized credit.

To find out more about Vanbarton, please call 212-293-8800, or visit the firm’s website at www.vanbartongroup.com. 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.