{"id":1004143187,"date":"2016-05-02T04:46:19","date_gmt":"2016-05-02T12:46:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004143187"},"modified":"2020-04-22T22:14:44","modified_gmt":"2020-04-23T06:14:44","slug":"nyu-langone-medical-center-to-occupy-entire-manhattan-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyu-langone-medical-center-to-occupy-entire-manhattan-office-tower\/","title":{"rendered":"NYU Langone Leases Entire Manhattan Office Tower"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<div id=\"attachment_1004143189\" style=\"width: 235px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/222E41St-NYC.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004143189\" data-attachment-id=\"1004143189\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nyu-langone-medical-center-to-occupy-entire-manhattan-office-tower\/222e41st-nyc\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/222E41St-NYC.jpg\" data-orig-size=\"360,480\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;7.1&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Aptus 22&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1312055799&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;35&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.011111111111111&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"222E41St-NYC\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;222 E. 41st St., New York, N.Y.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/222E41St-NYC.jpg?w=360\" class=\"size-medium wp-image-1004143189\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/222E41St-NYC.jpg\" alt=\"222 E. 41st St., New York, N.Y.\" width=\"225\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/222E41St-NYC.jpg 360w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/222E41St-NYC.jpg?resize=225,300 225w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/a><p id=\"caption-attachment-1004143189\" class=\"wp-caption-text\">222 E. 41st St., New York, N.Y.<\/p><\/div>\n<p><strong>New York\u2013<\/strong>NYU Langone Medical Center has signed a 30-year lease with <a href=\"https:\/\/www.columbiapropertytrust.com\" target=\"_blank\" rel=\"nofollow\">Columbia Property Trust Inc<\/a>., to take the entire space of its 25-story office tower at\u00a0222 E. 41st\u00a0St., in Manhattan.<\/p>\n<p>\u201cManhattan, and notably the Midtown submarket, continues to fuel strong demand for space of the quality that this building offers, and this new location for NYU Langone will be an expansion of their primary facility that is located only a few blocks away,\u201d Nelson Mills, Columbia Property Trust\u2019s president and CEO, told <em><a href=\"https:\/\/www.commercialsearch.com\/news\/\" target=\"_blank\">Commercial Property Executive<\/a><\/em>. \u201cIn addition to the building\u2019s location, NYU Langone was attracted to\u00a0222 E. 41st St., for its newer construction and efficient open floor-plates that will be especially valuable as they undertake a transition of the building from full office use to a medical and ambulatory center.\u201d<\/p>\n<p>In total, the triple-net lease encompasses 389,522 square feet of Class A office space at the building, including all 25 floors and the lobby, common areas and parking garage.<\/p>\n<p>\u201cWhen we first began marketing the space, we thought that transitioning the building to a multi-tenant format might be the most efficient way to replace occupancy and income at the building,\u201d Mills said. \u201cHowever, we were always open to the idea of a compelling single-user opportunity, and securing a highly-respected and creditworthy tenant like NYU and its Langone Medical Center while re-occupying the full building with almost no downtime is an ideal outcome for us.\u201d<\/p>\n<p>Originally built in 2001 and acquired by Columbia Property Trust in 2007, the building is in close proximity to Grand Central Terminal.<\/p>\n<p>Plans are for NYU Langone to convert the building into a\u00a0combination of medical offices, ambulatory care facilities and other ancillary uses, which will require a significant amount of capital investment.<\/p>\n<p>\u201cColumbia will be investing approximately $140 per square foot in tenant improvements, and NYU Langone has indicated they expect to spend considerably more per square foot of their own capital to achieve the conversion,\u201d Mills said. \u201cHowever, we believe this type of investment is merited in light of the lease being a 30-year initial term, with two extension opportunities, and the building&#8217;s construction and infrastructure are well-suited to accommodate this type of transition.\u201d<\/p>\n<p>NYU Langone is expected to take possession around year-end 2016, following the October 2016 expiration of Columbia Property Trust\u2019s lease with law firm Jones Day for 353,541 square feet in the building.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The medical center signed a 30-year lease to take up the whole space at Columbia Property Trust&#8217;s 222 E. 41st St., with plans for a significant capital investment. <\/p>\n","protected":false},"author":451,"featured_media":1004143189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1600,21742,10,21747],"tags":[],"class_list":["post-1004143187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NYU Langone Leases Entire Manhattan Office Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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