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ew York University is expanding its presence around its Greenwich Village campus. The university has reached a deal with Vornado Realty Trust to masterlease the entire 1.1 million square feet of office space in the 770 Broadway building through a long-term agreement. This move comes as NYU continues to grow its portfolio, which already includes over 14 million square feet of space in the city.

    The university's acquisition of 400 Lafayette Street last year for $98 million is part of this expansion effort. Meanwhile, Meta downsized its office space in the building after its lease expired in June, but still occupies 500,000 square feet. Vornado will retain control over the space occupied by Wegmans, which has a long-term lease.

    The deal comes as some state lawmakers push to end private universities' tax exemptions, which could save millions of dollars in property taxes. NYU and Columbia University collectively saved $327 million in property taxes last year. However, a bill proposed to repeal these exemptions did not move forward.

    In other news, Vornado recently reached a major deal at 666 Fifth Avenue with Uniqlo, which agreed to pay $350 million for 17,000 square feet of space and will also purchase its remaining 75,000 square feet from Brookfield.