NYU Langone Medical Center has signed a 30-year lease for the entirety of Columbia Property Trust’s 25-story office tower at 222 East 41st Street in Midtown Manhattan.
The triple-net lease encompasses all 389,522 square feet of Class-A office space at the building, including all 25 floors and the lobby, common areas and parking garage. 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 222 East 41st Street 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.
Nelson Mills, president and chief executive officer of Columbia Property Trust, said: “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.”
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.