New York – Global law firm Hogan Lovells has advised Scholastic Corporation (NASDAQ: SCHL), the global children’s publishing, education, and media company, in sale-leaseback transactions for its headquarters location in New York City’s SoHo neighborhood (555-557 Broadway) and its primary distribution facility in Jefferson City, Missouri.
Hogan Lovells represented Scholastic in the sale of 555-557 Broadway to a subsidiary of Empire State Realty Trust, Inc. (NYSE: ESRT) for gross proceeds of US$386 million in cash and Jefferson City to funds managed by affiliates of Fortress Investment Group for gross proceeds of US$95 million in cash. Hogan Lovells also represented Scholastic in long-term leases to continue operations at both locations.
“We are proud to work alongside Scholastic throughout this process,” said real estate partner Trevor Adler. “The sale-leaseback structure allows Scholastic to unlock significant value from its real estate assets while maintaining operational continuity which is aligned with the company’s long-term goals.”
More information on the transaction can be found here.
The Hogan Lovells New York-based real estate team was led by partners Trevor Adler and Elizabeth Akerman, counsel Ida Phair, and associate Carli Braithwaite.
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