{"id":1004609519,"date":"2022-11-01T02:14:49","date_gmt":"2022-11-01T10:14:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004609519"},"modified":"2022-12-09T02:17:39","modified_gmt":"2022-12-09T10:17:39","slug":"extell-development-lands-425m-for-manhattan-mob","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/extell-development-lands-425m-for-manhattan-mob\/","title":{"rendered":"Extell Development Lands $425M for Manhattan MOB"},"content":{"rendered":"<div id=\"attachment_1004609522\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/79th-Rendering5.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004609522\" data-attachment-id=\"1004609522\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/extell-development-lands-425m-for-manhattan-mob\/79th-rendering5\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/79th-Rendering5.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"1520 First Ave.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1520 First Ave. Rendering courtesy of Extell Development Co. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/79th-Rendering5.jpg?w=640\" class=\"wp-image-1004609522 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/79th-Rendering5.jpg?w=300\" alt=\"1520 First Ave.\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/79th-Rendering5.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/79th-Rendering5.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004609522\" class=\"wp-caption-text\">1520 First Ave. Rendering courtesy of Extell Development Co.<\/p><\/div>\n<p><strong>Extell Development Co.<\/strong> has secured a total of $425 million in construction financing for a 30-story medical office building on Manhattan&#8217;s Upper East Side. To yield 420,000 square feet of rentable office and retail space, the project is slated for completion in 2025.<\/p>\n<p><strong>Harbor Group International<\/strong> secured a $90 million senior mezzanine loan for the development. Additional financing was provided by a consortium of investors, including <strong>InterVest Capital Partners<\/strong>, <strong>Rexmark<\/strong> and <strong>Pacific Western Bank.<\/strong><\/p>\n<p>The building will encompass more than 390,000 square feet of rentable medical space, as well as ground-floor and lower-level retail space. The <strong>Hospital for Special Surgery <\/strong>has preleased a 196,000-square-foot portion of the project.<\/p>\n<p>The building will rise at 1520 First Ave., in proximity of other top health-care providers, Central Park and the East River. Several transit options, such as MTA bus stops and the MTA 6 subway line&#8217;s stations, are within walking distance.<\/p>\n<p>Extell\u2019s project will add sought-after space to New York City&#8217;s medical office inventory. The health-care sector has been leading office development in the past years, with NYC having the second largest <a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report-2022-september\/\">life science employment<\/a> base in 2021, after Boston. As demand for traditional office space is down, <a href=\"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/\">office-to-lab conversions<\/a> offer a viable solution for revitalizing underused office buildings.<\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Scheduled for completion in 2025, the project will rise on the Upper East Side.<\/p>\n","protected":false},"author":3030,"featured_media":1004609522,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,22251,21754,1600,21742,10,21747],"tags":[35821,39240,41225],"class_list":["post-1004609519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-in-focus","category-medical-office","category-new-york","category-latest","category-northeast","category-office","tag-extell-development-company","tag-harbor-group-international-llc","tag-pacific-western-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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