Commercial Observer has learned that the new non-profit organization, which is dedicated to supporting and funding biomedical research for the prevention and ultimate cure for lupus, is moving into the entire 10th floor of the landmarked 43-story office tower between East 40th and East 41st Streets. The asking rent in the deal was in the mid-$60s per square foot, according to the tenant’s broker Avison Young.
Lupus Research Alliance is the result of a merger announced last month between three large organizations, The Alliance for Lupus Research, The Lupus Research Institute and the S.L.E. Lupus Foundation. Together, the groups have been responsible for funding more than $200 million for lupus research programs, according to a press release about the merger. The new office is a consolidation of the individual locations for the partners.
The Alliance for Lupus Research is moving from 28 West 44th Street between Fifth Avenue and Avenue of the Americas, while the The Lupus Research Institute and S.L.E. Lupus Foundation are both leaving 330 Seventh Avenue between West 28th and West 29th Streets. The new organization expects to be in it’s new offices by the end of the month.
“We looked at a number of options but after a careful search, the space at 275 Madison Avenue offered everything the [Lupus Research] Alliance was looking for to build a contemporary, cutting-edge research facility that will help carry on their mission,” Avison Young’s Susan Kahaner, who represented the tenant alongside colleague Jennifer Ogden, said in a prepared statement.