St. Luke’s Hospital Center Renews at 770 Eighth Avenue
Despite widespread troubles plaguing area hospitals, St. Luke’s Hospital Center signed a 10-year lease renewal for its decade-old 5,300-square-foot space at 770 Eighth Avenue.
Jeff Rosenblatt of Newmark Grubb Knight Frank represented the tenant in the transaction. The landlord, Jack Parker Corporation, was represented in-house. St. Luke’s was among the first tenants to move into JPC’s 53-story residential tower–The Biltmore–upon its completion in 2003. Asking rent was in the low $40s a foot.
Several of the tenant’s physicians use 770 Eighth Avenue (at West 47th Street) for their medical offices. The center takes up under half of the third floor. Other tenants include a Starbucks.
The hospital’s main branch is located near the Columbia University campus at 1111 Amsterdam Avenue. The community and tertiary care facility St. Luke’s-Roosevelt Hospital Center is at 1000 10th Avenue.
The Commercial Observer has covered the “unprecedented growth of leasing activity” by the health care industry last year. Yet top hospitals have struggled. In 2010, the 161-year-old St. Vincent’s Hospital, crushed by debt, announced the closure of its Greenwich Village flagship. In early 2011, reports said that one-third of the city’s private hospitals were in danger of closing. And just last month, Governor Cuomo lobbied Washington for help in keeping four struggling Brooklyn hospitals afloat.
Representatives from NGKF and Jack Parker Corporation could not be reached for further comment.