NEW YORK CITY—A large, prominent healthcare tenant is coming to Midtown. Mount Sinai Medical Center has signed a lease for 450,000 square feet of office space at 150 E. 42nd St. The agreement is part of a large scale effort for the hospital to consolidate its corporate offices.
The former home of Mobil Oil, 150 E. 42nd St. spans the entire block between East 41st and 42nd streets from Lexington to Third avenues. Under the terms of the lease, the Mount Sinai Health System will occupy floors 2 through 5, as well as the 9th and 10th floors.
Last fall, Mount Sinai merged with Continuum Health Partners, creating one of the city's largest medical organizations. The hospital has seven campuses under its auspices, as well as the Icahn School of Medicine and a network of ambulatory care centers.
Now that the hospital's numerous sites are spread out across the city, the property's central location was a big selling point
Says Donald Scanlon, EVP, CFO and chief of corporate services for the Mount Sinai Health System, "This property is strategically located at the geographic center of the Mount Sinai Health System, offering easy access for our staff to major mass transit hubs including Grand Central Terminal.
This agreement is a first step that allows us to consolidate several key departments, including finance, human resources, information technology, legal and other corporate services into modern, state-of-the-art offices,” he continues. “We look forward to being a part of the vibrant midtown Manhattan community.”
The tenant was represented by Thomas Ahn, VP of real estate for Mount Sinai in conjunction with Hiro Real Estate and the Goelet Organization. Cushman & Wakefield's Jonathan Serko, Josh Kuriloff, Barry Zeller, David Heller, Michael Rotchford and Jeff Lessard also represented the tenant. The landlord, Hiro and Goldman Sachs, was represented by CBRE. Cushman and CBRE declined to comment.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
