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Brokerage
Posted: November 28, 2023
George Comfort & Sons inks 300,000 s/f long-term lease with Weill Cornell Medicine
Manhattan, NY George Comfort & Sons, on behalf of the ownership of 575 Lexington Ave., finalized a 300,000 s/f lease with Weill Cornell Medicine at 575 Lexington Ave. in the Plaza District.
As part of a 30-year agreement, Weill Cornell Medicine will expand its footprint by 100,000 s/f 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 s/f lease is one of the largest lease agreements completed in New York City so far this year.
“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 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,” said Min.
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’ 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.
575 Lexington Ave. was acquired in September 2015 by a joint venture including Cannon Hill Capital Partners and George Comfort & Sons. Located in the Plaza District, the 35-story, 745,000 s/f office tower is surrounded by Midtown’s corporate headquarters, fine restaurants and vast retail options. Transportation is accessible, with Grand Central Terminal a few blocks away and three subway lines around the corner.
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