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Deals & Dealmakers

Wexler fills Extell’s 20 East 46th tower with medical tenants

The Wexler Healthcare Properties Team at The Corcoran Group announced that 20 East 46th Street, a midtown commercial building, is 100 percent occupied.

Working on behalf of Extell Development Company, the Wexler Team has leased 40,022 s/f of space since 2011; nearly half of the building.

Located two blocks from Grand Central Terminal between Madison and Fifth Avenues, 20 East 46th Street is a 15-story office building with recently updated lobby, common areas and elevators.

JOSEF YADGAROV
JOSEF YADGAROV

Encompassing 94,433 /f, the building was pre-dominantly occupied by tenants in the diamond and jewelry industries, and is now almost completely leased by medical tenants.

After receiving the assignment from Extell, one of New York City’s most prolific development firms, at the end of 2010, Wexler Healthcare Properties brought over 11 medical specialties to the building.

New tenants include the Beth Israel Medical Center, surgery centers, orthopedic surgeons and dermatologists.

Josef Yadgarov of the Wexler Healthcare Properties Team spearheaded this assignment with Extell.

“With a coveted location incredibly close to Grand Central Terminal, 20 East 46th Street is an ideal property for medical tenants who continue to be focused on easy accessibility for their patients,” said Paul Wexler of the Wexler Healthcare Properties Team.

PAUL WEXLER
PAUL WEXLER

“Working with a leading developer like Extell made the transition to medical space seamless for the incoming tenants. This conversion included the construction of a model medical unit that was so well-received, it was taken as-is by Beth Israel Medical Center.”

“We saw an opportunity to reposition the building to medical office space due to its prime, heavily-trafficked location, and our collaboration with the Wexler Healthcare Properties Team to facilitate this transition has been very successful,” said Asher Schepansky, vice president of Asset and Property Management at Extell Development Company.

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