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Deals & Dealmakers

Precision Medicine takes 17,942 s/f space near Grand Central

Cushman & Wakefield announced that Senior Managing Directors Stephen Bellwood and Nicola Heryet secured a 17,942-square-foot lease for Precision  Medicine Group at Empire State Realty Trust’s One Grand Central Place, a 55-story tower located directly across the street from Grand Central Terminal.

The leading specialized services company supporting next-generation approaches to drug development and commercialization is relocating its Precision for Value business group from 9 East 37th Street to a newly built space—with an expansive private outdoor terrace—on the 13-floor of the building.

Precision for Value supports global pharmaceutical and life sciences companies in the achievement of commercial excellence by demonstrating the value of innovative medical treatments to payers, providers, patients and policy makers.

“Upon commencing the search for Precision’s new home, we identified four key business goals that we wanted addressed: an upgraded and efficient space, a clear path to expansion, limited up-front and out of pocket CapEx costs and an accelerated target move schedule. By communicating these business goals and starting the search with one year remaining on the firm’s existing lease, we were able to create an environment where multiple landlords were vying for Precision’s tenancy,” said Mr. Bellwood. “After a thorough process, the firm chose One Grand Central Place for several reasons but more specifically because it afforded the company the opportunity to expand its tenancy across one floor.”

“We’re pleased to continue the expansion of our operations in New York City,” said Kevin Roach, director, operations and infrastructure, Precision Medicine Group. Precision for Value has experienced tremendous success in the last few years and had outgrown our current midtown offices. This new space will allow us to comfortably staff our expanding talent base to support our rapid growth. Although terms of the lease are undisclosed, asking rents were in the $57 to $62-per-square-foot range; the landlord was represented in-house by  Ryan Kass, Senior Vice President, Director of Leasing and Marketing; Julie Christiano, assistant vice president, leasing, and Lindsay Godard of ESRT and William Cohen of Newmark Grubb Knight Frank.

One Grand Central Place is  located on 60 East 42nd Street, directly across the street from Grand Central Terminal. The tower, completed in 1930, offers tenants and visitors in-building access to the bustling mass transit hub.

The building’s tenant roster includes Allianz, 3i, Balfour Beatty, GLG, Johnson Controls, and Pine Brook Partners.

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