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NYU Med Center Leases Entire Midtown Building

NEW YORK CITY—The healthcare tenant agreed to occupy 389,522 square feet in a triple-net lease deal.

By Rayna Katz | raynakatz | | Updated on April 28, 2016
222 East 41st Street NYU Langone Medical Center has signed a 30-year agreement with landlord Columbia Property Trust.
NEW YORK CITY—NYU Langone Medical Center has leased an entire 25-story office tower in Midtown in a triple-net lease. The 30-year agreement with landlord Columbia Property Trust encompasses all 389,522 square feet at 222 E. 41st St. NYU Langone is expected to take possession around year-end 2016, following the October 2016 expiration of Columbia’s lease with law firm Jones Day for 353,541 square feet at the property. Financial terms were not disclosed. NYU Langone will convert the Class A building from its current use into a combination of medical offices, ambulatory care facilities and other ancillary uses. NYU Langone will benefit from recent upgrades to the lobby and amenities at the building—which was built in 2001 and acquired by Columbia in 2007—as well as its proximity to Grand Central Terminal. “We are very pleased that NYU Langone Medical Center has selected 222 E. 41st to be its next Manhattan location,” notes Nelson Mills, president and CEO of Columbia Property Trust. “Our ability to secure a long-term tenant with an esteemed reputation like NYU, while also successfully addressing the most significant lease expiration in our portfolio with minimal downtime, is a testament to this building’s quality and the ability of our local team.” Mills continues, “With this property now fully re-leased and our recently-acquired 229 W. 43rd St. also nearly 100% leased, our New York team is fully focused on completing leasing objectives at our other Midtown property, 315 Park Ave. South.” Columbia was represented in the deal by Paul Amrich, Neil King, James Ackerson, and Jackie Marshall of CBRE and NYU Langone was represented by Bruce Mosler and Mark Mandell of Cushman & Wakefield.  

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