Columbia Property Trust has announced a landmark 30-year lease agreement with NYU Langone Medical Center for its entire 25-story office tower located at 222 East 41st Street in Midtown, New York City. This significant lease encompasses all 389,522 square feet of Class-A office space within the building, marking a major commitment from NYU Langone and a strategic portfolio move for Columbia Property Trust.
The triple-net lease agreement covers the entirety of the property at 222 East 41st Street, including all 25 floors, the lobby, common areas, and the parking garage. NYU Langone Medical Center is anticipated to take possession of the premises around the end of 2016. This follows the expiration of Columbia Property Trust’s previous lease with the law firm Jones Day, which occupied 353,541 square feet, in October 2016. While specific financial details of the lease were not disclosed, the long-term commitment from a prestigious institution like NYU Langone underscores the prime location and quality of 222 East 41st Street.
NYU Langone Medical Center plans to transform 222 East 41st Street from its current office configuration into a state-of-the-art medical facility. The conversion will include a mix of medical offices, ambulatory care facilities, and related ancillary services. NYU Langone is poised to benefit from recent upgrades to the building’s lobby and various amenities. Constructed in 2001 and acquired by Columbia Property Trust in 2007, 222 East 41st Street also boasts a highly advantageous location, notably its close proximity to Grand Central Terminal, a major transportation hub in Manhattan.
Nelson Mills, President and CEO of Columbia Property Trust, expressed his enthusiasm about the agreement, stating, “We are very pleased that NYU Langone Medical Center has selected 222 East 41st to be its next Manhattan location.” He further emphasized the significance of securing a long-term tenant of NYU Langone’s caliber, highlighting it as “a testament to this building’s quality and the ability of our local team,” especially in successfully addressing a major lease expiration with minimal vacancy.
Mills added that with 222 East 41st Street now fully leased and their recent acquisition at 229 West 43rd Street also nearing full occupancy, the Columbia New York team is now concentrating on leasing efforts at 315 Park Avenue South, another Midtown property experiencing considerable tenant interest.
Representing Columbia Property Trust in this significant transaction were Paul Amrich, Neil King, James Ackerson, and Jackie Marshall of CBRE. NYU Langone Medical Center was represented by Bruce Mosler and Mark Mandell of Cushman & Wakefield.
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) specializes in owning and operating Class-A office buildings within competitive, primarily central business district (CBD) locations. Over half of Columbia’s investments are strategically positioned in high-barrier-to-entry, primary markets. Their portfolio, valued at $5 billion, comprises 26 office properties totaling 13.0 million square feet, along with one hotel. The portfolio is largely concentrated in key markets such as San Francisco, New York, and Washington, D.C. Columbia Property Trust holds investment-grade ratings from both Moody’s and Standard & Poor’s. Additional details about the company can be found at www.ColumbiaPropertyTrust.com.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those projected. These statements are not guarantees of future performance and are identified by terms like “may,” “will,” “expect,” etc. Readers are cautioned against undue reliance on these statements, which are relevant only as of the release date. The company does not intend to update these statements.
Contacts:
Media Contact for Columbia Property Trust, Inc.:
Bud Perrone, 212-843-8068
[email protected]
Investor Relations for Columbia Property Trust, Inc.:
Matt Stover, 404-465-2227
[email protected]
