Mount Sinai Takes Downtown Brooklyn Space for New Outpost
The Mount Sinai Medical Center struck a deal last week to launch its first downtown Brooklyn practice, according to reports.
The medical group will be taking 75,000 square feet to launch a new multi-specialty physician practice at 1 Pierrepont Plaza, Crain’s New York reported.
David Malawer and Jonathan Serko of Cushman & Wakefield represented Mount Sinai in the deal.
Howard Fiddle and Evan Haskell, both of CBRE, represented Forest City Ratner Companies, the owners of 1 Pierrepont Plaza.
The lease is for 15 years and the asking rent was $37 per square foot.
The downtown Brooklyn outpost is part of Mt. Sinai’s latest strategy to set up branches for a variety of outpatients services in an effort to defray overall overhead costs, Crain’s reports.
“Part of the incentive is to spread out overhead costs associated with physician practices,” Wayne Keathley, president and COO of Mount Sinai Hospital, told Crain’s last week.
In February, Mount Sinai signed a 10-year lease to take 6,918 square feet at 485 Madison Avenue to set up the Mt. Sinai School of Medicine. That space will be used to offer medical and scientific training to its students.
The 700,000-plus square foot 1 Pierrepont Plaza already counts Morgan Stanley as its biggest tenant.