George Comfort & Sons, on behalf of the ownership of 575 Lexington Ave., finalized a 300,000-square-foot lease with Weill Cornell Medicine at the building.
As part of a 30-year agreement, Weill Cornell Medicine will expand its footprint by 100,000 square feet and will now occupy eight full floors as well as a dedicated portion of 575 Lexington’s ground floor for a separate lobby. Weill Cornell Medicine will offer patient care in the space. The 300,000-square-foot lease is one of the largest lease agreements completed in New York City so far this year, Comfort said.
“We are thrilled to extend our long-term relationship with Weill Cornell Medicine, a bedrock New York City institution dedicated to improving patient outcomes and preparing the next generation of leaders in health care,” said George Comfort & Sons President and CEO Peter S. Duncan. “Weill Cornell Medicine remains our largest tenant in the tower.”
“The new space at 575 Lexington will be a convenient destination for patients living and working in Midtown Manhattan to receive exemplary care from Weill Cornell Medicine physicians and care providers,” said Dr. Robert Min, president and chief executive officer of Weill Cornell Medicine’s Physician Organization, a faculty practice that includes nearly 2,000 clinical providers. “Reaching and providing care to the greatest number of patients in New York City is our top priority.”
Weill Cornell Medicine was represented in the transaction by David Falk, Andrew Sachs and Ben Shapiro of Newmark. Ownership was represented in-house by George Comfort & Sons’ Mr. Duncan and Dana Pike.
Ownership worked with its lenders, Aareal Capital, funds managed by Oaktree Capital Management L.P. and Paramount Group to bring the transaction to fruition.
