Development Corporation for Israel Inks 25,000-SF Relocation Deal



The Development Corporation for Israel is moving up the street to 641 Lexington Avenue after signing a 15-year, 25,000-square-foot lease at Rudin Management Company‘s 400,000-square-foot office tower.

SEE ALSO: Developer Alchemy Properties Moving and Growing Offices Within Midtown East

The tenant, an international financial organization, will relocate from 575 Lexington Avenue during the first quarter of 2014.

641 Lexington Avenue (Credit: CoStar)
641 Lexington Avenue (Credit: CoStar)

“We’re proud that [DCI] has chosen 641 Lexington Avenue as its new home and we are committed to helping this important organization grown and prosper in the heart of Midtown,” Bill Rudin, co-vice chairman and CEO of Rudin, said in a prepared statement.”

Rudin Vice President Robert Steinman represented ownership in-house. Colliers International Vice Chairman James Emden repped the tenant. Asking rents in the building are $55 a foot. The 32-story tower’s noteworthy tenants include a constellation of health industry heavyweights. North Shore-Long Island Jewish Health System inked an 11,706-square-foot deal there last year. New York Presbyterian Hospital and Memorial Sloan-Kettering Counseling Center also call 641 Lexington home.

Mr. Steinman noted that only 6,512 square feet of leasable space remain in the building. DCI’s lease is for the entire ninth floor.

Mr. Steinman could not immediately be reached for comment. Mr. Emden declined to comment further at the time of publication.