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Deals & Dealmakers

Growing medi-tech firm quadruples space at 570 Lexington

Expanding medical and technology company Strathspey Crown Holdings LLC has signed a 10-year lease to quadruple its space at the landmark 570 Lexington Avenue to more than 16,000 s/f, announced The Feil Organization, the building’s owner and manager.

Strathspey Crown currently occupies 4,185 s/f, comprising the entire 26th floor in the Art Deco building, and also has a  1,500 s/f terrace. The Newport Beach, Calif.-based firm will also occupy the 27th, 28th and 35th floors in the building’s tower sometime this winter.

570 Lexington Avenue
570 Lexington Avenue

“Strathspey offers an innovative new take on serving the lifestyle medical community such as cosmetic surgeons, dentists and dermatologists, and their patients,” said David Turino, Director of Commercial Leasing for Feil. “We were very excited about this concept when we signed our first lease with them some 18 months ago, and we are pleased to be able to help them accommodate their rapid growth. We had the perfect situation, including two contiguous floors, to accommodate that expansion.”

Founded by former Bausch and Lomb Surgical President and CEO, and former Allergan Medical President Robert E. Grant, Strathspey Crown is a privately held lifestyle healthcare equity firm that partners with specialty physicians including plastic surgeons, dermatologists and cosmetic dentists to identify, invest in and build emerging technologies, and products to be sold directly to consumers. Among its subsidiaries are ALPHAEON Corp., a marketing platform to promote and sell medical devices, pharmaceuticals and treatments; TouchMD, a line of software for physicians; Alphaeon Credit, a patient financing site for procedures; and ShoutMD, a social networking site for doctors.

The new space will have high-end finishes and Feil is constructing an “architecturally distinctive” stairwell between the 27th and 28th floors similar to what they installed on the penthouse floors connecting the 48th and 49th floors of the tower.

Owned and managed by The Feil Organization, 570 Lexington (once the RCA Victor Building) is one of the city’s great skyscrapers. A masterpiece of Art Deco design, the 50-story structure boasts a crown of Gothic spires (inspired by radio waves) that resembles a giant torch when illuminated. The 640-foot-tall building, designed by Cross and Cross, opened in 1931 and was added to the National Register of Historic Places in 2004. Two full tower floors remain available for lease.

Turino represented The Feil Organization in the negotiations with legal counsel provided to Feil by in-house counsel Brian Palumbo. Strathspey was represented in-house.

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