Cardiovascular Research Foundation Signs 47K-SF Lease for New HQ at 1700 Bway
By Lauren Elkies Schram June 21, 2016 6:40 pm
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Cardiovascular Research Foundation is moving its headquarters to 47,394 square feet at 1700 Broadway, Commercial Observer has learned.
The nonprofit organization, which identifies, develops and promotes the latest advancements in the treatment of heart disease, will occupy the eighth and ninth floors of the 42-story, 699,000-square-foot building between West 53rd and West 54th Streets, according to Savills Studley. The lease is for 15 years, CoStar Group indicates, and the asking rent was $59 per square foot.
“Through this relocation, we were able transform the operations of CRF’s business by securing them a brand-new, cutting-edge facility that will support the mission of the organization,” said Scott Weiss of Savills Studley, who represented the tenant in the negotiations. He said that the new offices allow for extra space for amenities, an expansion of the organization’s in-house television studio and the ability to be on contiguous floors.
“We probably looked at 60 buildings in Manhattan before selecting our excellent new location,” said Jack Lewin, the president and chief executive officer of the Cardiovascular Research Foundation, in prepared remarks. Moving day is Oct. 1, CoStar indicates. The current offices are at 111 East 59th Street between Lexington and Park Avenues.
Ruben Companies’ John Schrenker represented the landlord in-house along with Peter Shimkin of Newmark Grubb Knight Frank. Neither immediately responded to a request for comment.
In February, Ruben Companies received $245 million in financing on the building, as CO previously reported. A month earlier, Ruben Companies consolidated its ownership in the building by buying the fee position on the property for $280 million, as CO also reported.
The firm constructed the building in 1968 through a ground lease with The Shubert Foundation.
Gensler inked a 119,414-square-foot deal for the second through sixth floors last November, as CO first reported. The company is slated to move in in November, according to CoStar. Other tenants include CBS Television and accounting and bookkeeping company Friedman LLP.
