Weill Cornell Expands to 300K SF at 575 Lexington Avenue
By Mark Hallum October 30, 2023 11:12 am
reprints
Weill Cornell Medicine expanded its footprint after signing a lease renewal that adds 100,000 square feet to its facilities at 575 Lexington Avenue.
The expansion brings the total square footage of Weill Cornell’s space to 300,000 square feet in the building owned in a joint venture between George Comfort & Sons and Cannon Hill Capital Partners, the New York Post first reported.
The length of deal is for 30 years and asking rents in the Plaza District building range in the mid-$70s to low $80s per square foot, according to a source with knowledge of the deal.
“The new space at 575 Lexington will be a convenient destination for patients living and working in Midtown Manhattan to receive exemplary care from Weill Cornell Medicine physicians and care providers,” Dr. Robert Min, chief executive officer of Weill Cornell’s Physician Organization, said in a statement. “Reaching and providing care to the greatest number of patients in New York City is our top priority.”
David Falk, Andrew Sachs and Ben Shapiro of Newmark (NMRK) negotiated on behalf of Weill Cornell in the deal, while George Comfort’s Peter Duncan and Dana Pike represented the owners in-house.
Newmark did not immediately respond to a request for comment.
The landlords purchased the 35-story, 745,000-square-foot office tower in September 2015 for $510 million. Property records show that the most recent financing round on the building was for $10 million in 2021.
It’s unclear how long Weill Cornell has been in the building, but it signed a 15-year, 182,320-square-foot renewal and expansion in October 2013, as Commercial Observer previously reported.
The lease follows on the heels of an announcement earlier this month that Weill Cornell Medicine would build a $260 million dormitory with 221 apartments on the site of the former Church of the Epiphany on the Upper East Side.
The building at 1393 York Avenue will have 163 studios, seven one-bedrooms and 51 two-bedrooms when it is completed in 2025, CO previously reported.
Mark Hallum can be reached at mhallum@commercialobserver.com.
