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NYU Langone Buys Nearly 500,000-SF Building

NEW YORK CITY—Located on East 38th street amid several of the medical center's practices, a leasehold interest in the tower was sold by SL Green.

By Rayna Katz | Updated on June 05, 2014

NEW YORK CITY—NYU Langone Medical Center has purchased the leasehold interest in 333 E. 38th St. from SL Green for $145 million. With 476,227 rentable square feet, the office building sits at the corner of East 38th street and First avenue and anchors the medical center’s burgeoning ambulatory corridor.

Since signing its first lease in February 2006 for a portion of the fourth floor, the medical center’s occupancy has grown to more than 170,000 square feet with its Center for Musculoskeletal Care, Outpatient Surgery Center, and a parking garage, an important amenity for its visitors. The purchase Immediately affords the medical center greater operational control and significantly reduced occupancy costs, according to Cushman & Wakefield, which represented NYU Hospitals Center in the traction.

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