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Cornell University Becomes Largest Tenant at 570 Lexington

School Takes 70,000 SF for Two Graduate Departments to Operate from the Building
February 26, 2018
Cornell University, which officially opened its 12-acre tech campus on Roosevelt Island in September, continues adding to its Manhattan real estate. The Ivy League institution has signed two leases totaling 70,130 square feet at the landmarked Tower 570 building for two of its educational departments, according to landlord The Feil Organization.

Situated at the corner of East 51st Street in the Plaza District, 570 Lexington Ave. totals 450,622 square feet, with 15,665 square feet dedicated to ground-floor retail space and the balance to 4-Star office space. Cornell University’s two leases make it the largest tenant on the rent roll, and brings building occupancy there to 96%.

On the 11th and 12th floors of the property, the Cornell School of International and Labor Relations will take 38,872 square feet. Weill Cornell Medical School’s graduate programs will occupy 31,258 square feet across the ninth floor and a portion of the tenth floors. Alexander Wolff & Sons has been retained by The Feil Organization as construction manager for both projects.

Brian Feil, vice president of leasing for The Feil Organization, said Cornell’s leases represented a long-term commitment to 570 Lexington. Taken together, they amount to 15% of the property’s gross leasable area. Feil was represented in-house on the transactions by David Turino, its director of commercial leasing.

Over the last 12 months, about 90,000 square feet in leasing activity has closed at 570 Lexington. Among the recent leases are a five-year agreement for 6,185 square feet on the 19th floor by The Newport Group in October and a five-year agreement signed in May by Innova Health Partners for 5,437 square feet of built-to-suit space on the 20th floor. Hedge fund Hudson Executive Capital will move into the property in March after signing a three-year lease for 4,115 square feet spanning the 35th floor. Brazil’s Petrobras oil company is relocating to 3,331 square feet on the 24th floor. Food Hall operator UrbanSpace leased 6,900 square feet of ground-floor retail space in May, according to CoStar research.

Jonathan Schindler of Cushman & Wakefield represented The Newport Group. Cushman & Wakefield’s Aron Schreier worked alongside Schindler on behalf of Petrobras. Transwestern Commercial’s Lauren Davidson represented Innova Health. Hudson Executive Capital was represented by Optimal Spaces’ Stephen Sunderland. CBRE’s Amira Yunis represented UrbanSpace.

According to CoStar research, other large tenants at 570 Lexington include insurance services firm Carrol McNulty & Kull LLC with 32,812 square feet, and the Institute of Art, which operates out of 18,688 square feet. The Real Estate Board of New York occupies 17,469 square feet there.

Constructed in 1932 from limestone and brick in the Art Deco style, Tower 570 is recognizable by its spire-tipped roof. It was last renovated in 1994. The asset’s location is walking distance to various MTA subway lines, including the N, R and W at Lexington 59th, the E and M at 5th and 53rd, and the F train at Lexington and 63rd, with direct access to Roosevelt Island.

Diana Bell, New York City Market Reporter  CoStar Group   
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