NEW YORK—HealthCor Management, a healthcare investment manager with $3.2 billion in assets, is relocating to Hudson Yards. The company invests across the healthcare and life sciences industries, including biotech, pharmaceutical companies, and medical technology and services.
In signing a 20,000 square-foot lease at 55 Hudson Yards, HealthCor will move from its current location at 152 West 57th St., the 60-story skyscraper, Carnegie Hall Tower. Designed by architect Cesar Pelli, the structure in Midtown's Plaza district was known as New York's “sliver” building for its tall and thin appearance.
Fifty-five Hudson Yards, a 1.3 million square-foot, 51-story building, designed by Kohn Petersen Fox, is scheduled to open in 2018. Tokyo-based Mitsui Fudosan holds a 92% interest in 55 Hudson Yards and a 90% interest in 50 Hudson Yards. Both buildings are being developed by minority-interest holders, the Related Companies and Oxford Properties Group.
Newmark Knight Frank's vice chairman, Brian Goldman, and associate director, Matt Lorberbaum, represented HealthCor in the lease of 55 Hudson Yards. VP of commercial leasing at Related, Stephen Winter, CBRE's chairman for the tri-state region, Bob Alexander, and vice chairman, Howard Fiddle, represented the building owners in this transaction.
Tenants in 55 Hudson Yards are high-yield revenue generators and offer premium services. They include investment advisory firms and investors: Arosa Capital Management; Third Point LLC, founded by CEO Daniel Loeb; and Point72, which manages the assets of its founder, Steven A. Cohen, and other employees; and the private equity firm, Silver Lake.
Trading firm, Engineers Gate, and the fixed-income, electronic trading platform, MarketAxess, will also be tenants. Law firms, Boise Schiller Flexner; Cooley LLP; and Milbank, Tweed, Hadley & McCloy have also signed office leases.
In a sector related to Healthcor's investments, Intercept Pharmaceuticals, a biopharmaceutical company, will move into the building. In addition, The New York Post recently reported that Mount Sinai Medical Center will open a concierge medical facility on the second floor.
Hudson Yards has attracted multiple financial advising and investing firms. Real estate watchers will continue to observe the pattern of industries which migrate to the district. The geographic relationship between the financial investment and advisory services and the biotech, life sciences facilities and business operations will continue to shape Manhattan's map.
Manhattan's east side medical corridor features the 3.5 acre Alexandria Center for Life Sciences, located on city-owned property at 29th Street and 1st Avenue. The center is bordered by Bellevue Hospital and the NYU Medical Center. The campus provides more than one million square feet of office and laboratory space to house pharmaceutical and biotech firms. It is located close to medical research institutions and hospitals to foster collaborative research.
Investment in this research park promotes this area on Manhattan's far east side, as a geographic base for the life sciences sector. Developed by Alexandria Real Estate Equities, the center tenants include ImClose, Pfizer's Center for Therapeutic Innovation, Kadmon Pharmaceuticals, Roche Research Center, Accelerator Corporation, Intracellular Therapies and Cellectis.
CRE professionals will continue to observe and to shape how the development of Hudson Yards will affect other business corridors and clusters.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
