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Cornell University Takes Over Manhattan Art Deco Office Tower

| Commercial Real Estate News, Leasing, Office| Views: 189


The prestigious Cornell University is poised to become the largest tenant at 570 Lexington Avenue in Manhattan, a historic Art Deco office tower known as the General Electric Building. The reputed Ivy League institution has leased roughly 70,000 square feet of space on four floors, in two separate transactions.

570 Lexington Avenue, New York (Yardi Matrix)

Cornell University’s School of International Labor Relations will take up all of the 11th and 12th floors of the building, having signed a lease for 38,872 square feet of space. The second deal was closed by Weill Cornell Medical School for its graduate programs, leasing 31,258 square feet on the entire 9th floor and part of the 10th floor. Through these transactions, the university will occupy almost 15% of the former RCA Victor Building’s total gross leasable space.

“We are pleased to welcome CU to our landmarked Art Deco classic at 570 Lexington Avenue. The University will be the largest tenant in the building and will add great prestige to the 570 Lexington Avenue tenant roster,” said David Turino, director of commercial leasing for The Feil Organization, the building’s owner.

The 1931-built Class A Midtown Manhattan tower has registered heavy activity on the leasing front in the past year. Six new tenants moved into the 450,622-square-foot building in the last 12 months, bringing its occupancy to 96%. The property is home to a plethora of high-profile companies operating in a variety of industries, including financial services, real estate, law, and technology. According to Yardi Matrix data, among the building’s tenants are also a few governmental agencies, such as the Real Estate Board of New York and the Court of Appeals.

The 49-story LEED-certified skyscraper located at the southwest corner of Lexington Avenue and 51st Street is considered an architectural masterpiece. Designed by the now-defunct firm Cross & Cross, the building boasts elaborate terracotta Art Deco and Gothic decorations. The tower was initially called the RCA Victor Building, after the General Electric subsidiary that commissioned it, and was later renamed to bear the parent company’s name. In 1985, the property was designated a historic landmark and it was completely renovated in 1998.

The General Electric Building includes 7,521 square feet of retail space and on-site conference rooms. The transit-oriented tower is located right next to Saint Bartholomew’s Episcopal Church and offers easy access to Grand Central Terminal, St. Patrick’s Cathedral, and Rockefeller Center.

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