Lease Beat

West Side GI Opens First Office at 619 West 54th Street

West Side GI, a new medical facility, will be opening its first office on 619 West 54th Street, between 11th and 12th avenues, it was announced earlier today.

The medical firm worked with its management partner, Manhattan-based Frontier Healthcare, to secure the 16,869 square foot lease set for fifteen years.

The asking rent was $39 per square foot and Matt Astrachan, Alexis Tener and Ed DiTolla of Jones Lang LaSalle represented the landlord, KBS Realty Advisors, in the transaction.

“They wanted a location near St. Luke’s Roosevelt Hospital,” said Jeff Buslik, broker at Adams & Co. Real Estate, LLC that represented West Side GI, “Most of the practice’s 13 gastroenterology and intestinal doctors are affiliated with the hospital.”

“The space is under construction now and is scheduled to open for business by the end of the summer,” Mr. Buslik added.

The building itself is known as the Movie Lab Building and was built in 1929 with over 300,000 rentable square feet. Some notable tenants include: CUNY, Time Warner Music, Chadbourne & Parke, LLP, and Advant Software.

KBS Realty, headquartered in Newport Beach, California, owns 619 West 54th Street and has the first mortgage at 5 Church Street. The firm has offices across the country and owns over one hundred buildings.

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