Columbia Property Trust announced that it has signed a 30-year lease with NYU Langone Medical Center for the entirety of its 25-story office tower at 222 East 41st Street.
The triple-net lease encompasses all 389,522 s/f 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 s/f 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. Columbia recently upgraded the propertyʼs lobby and amenities at the building, which was built in 2001 and acquired by Columbia in 2007.
“We are very pleased that NYU Langone Medical Center has selected 222 East 41st to be its next Manhattan location,” said Nelson Mills, president and chief executive officer of Columbia Property Trust.
“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.”
Mills continued, “With this property now fully re-leased and our recently-acquired 229 West 43rd Street also nearly 100 percent leased, our New York team is fully focused on completing leasing objectives at our other Midtown property, 315 Park Avenue South, which is enjoying substantial interest from prospective tenants.”
Columbia was represented in the deal by Paul Amrich, Neil King, James Ackerson, and Jackie Marshall of CBRE. NYU Langone was represented by Bruce Mosler and Mark Mandell of Cushman & Wakefield.