It’s what the doctor ordered at 575 Lexington Ave.
Weill Cornell Medicine just signed an expansion lease to add state-of-the-art clinical care to its Midtown location by 2025.
The research and educational institution took 100,000 square feet for patient-care facilities and also renewed on its 200,000 square feet of administrative space at the 35-story tower, which is owned by a joint venture that includes Cannon Hill Capital Partners and George Comfort & Sons.
Weill Cornell, the tower’s largest tenant, will now have eight full floors as well as a portion of the ground floor earmarked for patient care with its own lobby.
The expansion portion of the deal reflects a growing trend of landlords’ flexibility to accommodate non-traditional tenants in office buildings, such as Touro College’s full-scale move to Rudin Management’s 3 Times Square last year.
The Weill Cornell growth brings the 745,000 square-foot tower at the corner of East 51st Street to 88% leased. Other large tenants include Warshaw Burstein LLP and Blue Owl Capital. Sources said asking rents range from the mid-$70s to low $80s per square foot.
George Comfort CEO Peter S. Duncan called Weill Cornell a “bedrock New York City institution,” while Dr. Robert Min, CEO of its faculty-practice Physician Organization, said the new space at 575 Lexington “will be a convenient destination for patients living and working in Midtown Manhattan to receive exemplary care.”
Weill Cornell Medicine was repped by Newmark’s David Falk, Andrew Sachs and Ben Shapiro. The ownership was repped in-house by George Comfort’s Duncan and Dana Pike.
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