Weill Cornell Medicine has inked a new, 30-year lease agreement that would see its footprint at 575 Lexington Ave. expand by an additional 100,000 square feet, making it one of the largest office deals completed in Manhattan so far this year.
The biomedical research unit and medical school now occupies a total of 300,000 square feet of office space in Midtown Manhattan and is the largest tenant at the 35-story building.
As part of the expansion that starts next spring, nine floors worth of space will be repurposed with the aim of having the workspace operational for clinical practice by the fall of 2025. Weill Cornell Medicine will also have a new separate lobby entrance.
The tenant was represented by Newmark’s David Falk, Andrew Sachs and Ben Shapiro. George Comfort & Sons’ Duncan and Dana Pike represented the landlord in-house.
“This expansion project is very exciting for our institution as we seek to broaden our footprint in New York City,” said Dr. Robert A. Harrington, the Stephen and Suzanne Weiss dean of the Weill Cornell Medicine and provost for medical affairs of Cornell University. “This new space at 575 Lexington will allow us to offer the best care possible to more patients citywide and will add to our growing enterprise focused on excellence in clinical care, medical research and education.”
In September 2015, a joint venture comprised of Angelo Gordon, Cannon Hill Capital Partners, and George Comfort & Sons paid $510 million for 575 Lexington Ave., a 739,000-square-foot tower in the heart of Manhattan’s vibrant Plaza District. Originally built in the late 1950s, the property is within walking distance of some of the city’s best fine dining and retail selections. Its location is also a boon in terms of transportation options with Grand Central Terminal and three subway lines nearby.
For more Manhattan listings and top-tier office and coworking properties across major U.S. markets, visit CommercialCafe.com: