Melissa Korn:

The university, based in Nashville, has signed a 99-year lease for a 2.2-acre property in Manhattan’s Chelsea neighborhood. The campus currently includes 13 buildings with 150,000 square feet of space.

Chancellor Daniel Diermeier said the property is valued at more than $100 million. The school is still assessing the investment needed for renovations.

Vanderbilt has set its sights elsewhere, too. The university recently pitched a $520 million project in West Palm Beach, Fla. It has an agreement with the city there but is still in discussions with county officials. Programs there would focus on data science, fintech and engineering, the school has said.

Vanderbilt is in a fortunate class of colleges, attracting plenty of students, faculty and research dollars. Last year, it admitted just over 6% of first-year applicants. But it competes fiercely against other top-tier schools for accepted students—about 57% of admitted students enrolled.