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During its third-quarter earnings call on Tuesday, Vornado Realty Trust announced that New York University has agreed to take over the 1.1-million-square-foot office component of 770 Broadway after Meta Holdings’ lease expires in 2025. As part of the agreement, NYU will have the option to purchase the office space in both the 30th and 70th year of their lease.

According to Vornado chairman Steven Roth, this master lease includes an upfront payment for prepaid rent that will cover their $700-million loan on the property and also provide annual net rent throughout the duration of their agreement. Both parties have already signed a detailed letter of intent and are expected to finalize binding papers soon with plans for closing and rent commencement in January. Roth expressed excitement about expanding their relationship with NYU.

Reports first emerged in August about a potential “handshake deal” between Vornado and an undisclosed tenant at 770 Broadway.

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