This university just signed a 99-year lease to expand into NYC

Vanderbilt University, consistently ranked one of the best universities in the country, has become synonymous with the city it calls home, Nashville—but that's about to change. The school has announced its intention to significantly expand its footprint north to New York City.

Last week, the university entered a lease agreement with the General Theological Seminary, which was founded in 1817 in the heart of Chelsea. The lease agreement includes a staggering 13 buildings and nearly 150,000 square feet of space, meaning its presence will likely be felt throughout the neighborhood.

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Part of the university's reason for expanding into New York is the fact that a big part of its alumni network lives in the city. According to The Tennessean, approximately 7,800 alumni now live in town. 

Last year, the university created an administrative hub in the city, which focuses on helping alumni connect with each other and assists them in searching for local career opportunities. 

"To properly provide a transformative education to our students, and help our scholars and researchers achieve their greatest ambitions and most meaningful impact, we must make the broadest and richest range of opportunities available to them—wherever those opportunities exist," said Chancellor Daniel Diermeier in an official statement. "As home to leading institutions in finance, media, technology and the arts, and as a jumping-off point to the rest of the world, New York offers unbounded opportunities."

The city's presence in New York makes sense in more ways than one: the university was actually founded by New York City magnet Cornelius Vanderbilt, who saw potential in creating a school in the South on the heels of a divided country post-Civil War, per Vanderbilt's website. The General Theological Seminary will continue to operate on the campus and keep some office space at a significantly reduced capacity.

When is the project expected to finish?

The university is still waiting on New York State's government to approve the lease, according to The Tennessean. If the lease is approved, more information about an expected move-in date will become clear. 

To stay up to date with the latest developments on the expansion, keep an eye on Vanderbilt's website.