NYU Langone Medical Center Doubles Presence at One Park Ave. in Major Office Lease

3 Mar, 2011, New York

Cushman & Wakefield today announced the completion of a 367,584 square foot office lease to double the presence of NYU Langone Medical Center at One Park Avenue.

The 21-year lease at the Midtown Manhattan office building adds 180,476 square feet to the 187,108 square feet currently occupied by the medical center. The new lease encompasses a portion of the mezzanine, the 10th floor, as well as floors 6-8, 11 and 16-18. The new space will allow the medical center to consolidate existing space as well as meet growing demands for both new administrative and clinical office space.

Cushman & Wakefield's Chairman of Global Brokerage Bruce Mosler, Vice Chairman Josh Kuriloff and Executive Director Mark Mandell, along with Michael Rotchford and David Heller of the firm's Investment Banking group, served as the exclusive advisor to the medical center which tapped Mr. Mosler last year to provide a strategic assessment of its entire New York office portfolio.

Simultaneously with the closing of the lease an affiliate of Vornado Realty Trust acquired a 95% interest in the building. Vornado was represented in-house by Senior Vice President of Leasing Glen Weiss and Vice President of Leasing Ronald Lo Russo.

Murray Hill Properties, the existing minority partner, was represented in-house by Norman Sturner, Audrey Novoa and Roxana Girand.

"Following a careful and comprehensive analysis of the market and numerous competitive properties, One Park Avenue remained the top choice for NYU Langone Medical Center," said Mr. Mosler. "The building is strategically located within walking distance of the medical center's main campus, and with allowances for future expansion rights, will become a core asset for NYU Langone."

Located on Park Avenue between 32nd and 33rd Streets, One Park Avenue is a 20-story office tower totaling 933,315 square feet. The building features a new marble lobby desk, new marble elevator cabs with card key access and new security controls, as well as unusually large 52,383-square-foot floor plates. One Park Avenue has registered with the U.S. Green Building Council and will be obtaining Existing Building LEED Certification.

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