Gibian and Shapiro of Grubb & Ellis facilitate 20-year, 37,416 s/f lease

Grubb & Ellis Co. has represented The Rogosin Institute in a 20-year lease for 37,416 s/f at 619 W. 54th St. The lease provides for a new West Side facility for this premier medical treatment and research institute for kidney disease, including dialysis and transplantation. Total consideration for the transaction was $26 million. Gerald Gibian, managing director, and Robert Shapiro, executive managing director, both members of the Healthcare Properties practice group, facilitated the transaction on behalf of The Rogosin Institute, which is affiliated with New York Presbyterian Hospital and Weill Cornell Medical College. The new center will be established in cooperation with St. Luke's-Roosevelt Hospital Center. "Due to very specialized requirements, we spent two years navigating this transaction from lift-off to execution," said Gibian. "The Rogosin Institute needed a general-purpose building in a defined area that could accommodate the center and their unique medical use, power, water and patient delivery requirements—all within The Rogosin Institute's economic parameters. The creativity of the Grubb & Ellis team, the Rogosin Institute's internal professionals and the property owner were key to the success of this project." The facility will have a private patient entrance at 626 West 55th St. Grubb & Ellis' Healthcare Properties group specializes in helping hospitals, clinics and large medical practices navigate the challenges of healthcare reform, compliance and the capital markets.