25-Story Midtown Tower Will House NYU Langone Offices and
Healthcare Facilities
ATLANTA & NEW YORK--(BUSINESS WIRE)--
Columbia
Property Trust, Inc. (NYSE: CXP) today announced that it has signed
a 30-year lease with NYU Langone Medical Center for the entirety of its
25-story office tower at 222
East 41st Street.
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Columbia Property Trust Signs NYU Langone Medical Center to Full Building Lease at 222 East 41st in Midtown New York. (Photo: Business Wire)
The triple-net lease encompasses all 389,522 square feet of Class-A
office space at the building, including all 25 floors and the lobby,
common areas and parking garage. NYU Langone is expected to take
possession around year-end 2016, following the October 2016 expiration
of Columbia’s lease with law firm Jones Day for 353,541 square feet at
the property. Financial terms were not disclosed.
NYU Langone will convert 222 East 41st Street from its
current use into a combination of medical offices, ambulatory care
facilities and other ancillary uses. NYU Langone will benefit from
recent upgrades to the lobby and amenities at the building, which was
built in 2001 and acquired by Columbia in 2007, as well as its proximity
to Grand Central Terminal.
“We are very pleased that NYU Langone Medical Center has selected 222
East 41st to be its next Manhattan location,” noted Nelson
Mills, president and chief executive officer of Columbia Property
Trust. “Our ability to secure a long-term tenant with an esteemed
reputation like NYU, while also successfully addressing the most
significant lease expiration in our portfolio with minimal downtime, is
a testament to this building’s quality and the ability of our local
team.”
Mills continued, “With this property now fully re-leased and our
recently-acquired 229 West 43rd Street also nearly 100%
leased, our New York team is fully focused on completing leasing
objectives at our other Midtown property, 315 Park Avenue South, which
is enjoying substantial interest from prospective tenants.”
Columbia was represented in the deal by Paul Amrich, Neil King, James
Ackerson, and Jackie Marshall of CBRE, and NYU Langone was represented
by Bruce Mosler and Mark Mandell of Cushman & Wakefield.
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office
buildings in competitive, primarily CBD locations, and over half our
investments are in high-barrier-to-entry, primary markets. Our $5
billion portfolio includes 26 office properties containing 13.0 million
square feet and one hotel, concentrated in San Francisco, New York, and
Washington, D.C. For more information about Columbia, which carries an
investment-grade rating from both Moody’s and Standard & Poor’s, please
visit www.ColumbiaPropertyTrust.com.
Forward-Looking Statements:
Certain statements contained in this press release other than
historical facts may be considered forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. We intend for all such
forward-looking statements to be covered by the applicable safe harbor
provisions for forward-looking statements contained in those acts. Such
statements include, in particular, statements about our plans,
strategies, and prospects and are subject to certain risks and
uncertainties, including known and unknown risks, which could cause
actual results to differ materially from those projected or anticipated.
Therefore, such statements are not intended to be a guarantee of our
performance in future periods. Such forward-looking statements can
generally be identified by our use of forward-looking terminology such
as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,”
“believe,” “continue,” or other similar words. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak
only as of the date of this press release. We make no representations or
warranties (express or implied) about the accuracy of any such
forward-looking statements contained in this press release, and we do
not intend to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise.
Any such forward-looking statements are subject to risks,
uncertainties, and other factors and are based on a number of
assumptions involving judgments with respect to, among other things,
future economic, competitive, and market conditions, all of which are
difficult or impossible to predict accurately. To the extent that our
assumptions differ from actual conditions, our ability to accurately
anticipate results expressed in such forward-looking statements,
including our ability to generate positive cash flow from operations,
make distributions to stockholders, and maintain the value of our real
estate properties, may be significantly hindered. See Item 1A in the
Company's most recently filed Annual Report on Form 10-K for the year
ended December 31, 2015, for a discussion of some of the risks and
uncertainties that could cause actual results to differ materially from
those presented in our forward-looking statements. The risk factors
described in our Annual Report are not the only ones we face, but do
represent those risks and uncertainties that we believe are material to
us. Additional risks and uncertainties not currently known to us or that
we currently deem immaterial may also harm our business.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160428005208/en/
for Columbia Property Trust, Inc.
Media Contact:
Bud
Perrone, 212-843-8068
bperrone@rubenstein.com
or
Investor
Relations:
Matt Stover, 404-465-2227
IR@columbiapropertytrust.com
Source: Columbia Property Trust, Inc.