Mount Sinai and WESTMED Join Forces for 75,060 Square Feet at One Pierrepont Plaza
By Daniel Edward Rosen May 24, 2012 7:00 amreprints
As previously reported in The Commercial Observer late last month, a partnership between the Mount Sinai Medical Center and WESTMED Practice Partners, a rapidly-growing Westchester-based physician-owned private medical practice, has officially been announced.
The newly anointed Mount Sinai Brooklyn Heights Medical Group (MSBHMG ) will be taking the 17th and 18th floors of One Pierrepont Plaza in Downtown Brooklyn for a total of 75,060 square feet in the 19-story building. The new medical group will be taking space for an ambulatory care office that was previously used by Goldman Sachs as a data center, said sources close to the deal.
A CBRE team featuring Mary Ann Tighe and Keith Caggiano represented Forest City Ratner in the deal, along with Ali Esmaeilzadeh, a vice president of commercial development and leasing for Forest City Ratner.
David Malawer and Jonathan Serko, both of Cushman & Wakefield, represented the WESTMED/Mount Sinai team.
Asking rents were not disclosed. The lease is for 15 years.
Forest City Ratner had worked with WESTMED previously with its Westchester’s Ridge Hill development, where it had opened an urgent care facility in 2011.
Mr. Esmaeilzadeh, who was familiar with Westmed from that deal, said that both Mount Sinai and the Westchester-based medical group were interested in moving into the Brooklyn market.
“Mount Sinai had been looking to grow its program and do ambulatory care in Brooklyn,” he added.
In addition to urgent care, the MSBHMG will offer cardiology, general surgery, neurology, and plastic surgery, among other medical practices, the group said in a press release yesterday.
“Patients have been found to appreciate the one-stop shopping medical experience of an integrated multi-specialty medical practice.” said Simeon Schwartz, MD, Chief Executive Officer of WESTMED Practice Partners, in a statement.
While he refused to specify the asking rent, Mr. Esmaeilzadeh said a number of factors played into the final price.
“It’s ambulatory care in an office building,” said Mr. Esmaeilzadeh. “At the same time it’s the WESTMED/Mt. Sinai brand, which are terrific brands.”
Both the 17th and 18th floors are undergoing extensive renovation for a projected January 2013 opening date.
The MSBHMG deal comes just weeks after Forest City brought in MakerBot, a producer of 3-D printers, to a 31,250-square-foot space for the entire 21st floor at One MetroTech, another Forest City Ratner-owned property.