Feil Organization Inks 70 KSF NYC Office Lease
- Feb 26, 2018
The Feil Organization has signed a lease with Cornell University to have the school occupy four floors at 570 Lexington Ave. in Manhattan. Closed in two separate transactions, the deal totals nearly 15 percent of the building’s gross leasable area and marks the latest of six recent leases signed within the last year. The influx of new tenants brought the building’s occupancy to 96 percent.
The 11th and 12th floors of the building, totaling 38,872 square feet, will be occupied by The Cornell School of International Labor Relations, a division of Cornell University. The division was represented by Mark Weiss and Robert Eisenberg of Cushman & Wakefield. The division will join the graduate programs associated with Weill Cornell Medical School, which leased the entire ninth and part of the 10th floor, totaling 31,258 square feet. The Feil Organization tapped Alexander Wolff & Sons to act as construction manager for both projects.
The property comprises 50 stories and was originally called the RCA Victor Building. The 1932-built 570 Lexington Ave. ties together Art Deco and classic New York style, with features such as Gothic limestone, brick spires, a pink marble lobby and silver leaf vaulted ceiling.
“We are pleased to welcome CU to our landmarked Art Deco classic at 570 Lexington Ave. The University will be the largest tenant in the building and will add great prestige to the 570 Lexington Ave. tenant roster,” said David Turino, director of commercial leasing at Feil, who represented the company in the transaction, in a prepared statement.
Additional Lease Activity
Over the last year, 570 Lexington Ave. has leased more than 90,000 square feet of space. Hudson Executive Capital signed a three-year lease beginning in March for 4,115 square feet on the 35th floor. Stephen Sunderland of Optimal Spaces represented the tenant. Innova Health Partners LP signed a five-year lease for a 5,437-square-foot built-to-suit space on the 20th floor. Lauren Davidson of Transwestern Commercial represented Innova in the deal. Petrobas will relocate within the building to a prebuilt 3,331-square-foot space on the 24th floor. Aron Schreier and Jonathan Schindler of Cushman & Wakefield represented the tenant.
The Newport Group signed a five-year lease for a prebuilt 5,185-square-foot space on the 19th floor and was also represented by Schindler. Rizk Ventures signed a lease to occupy 4,300 square feet on the 26th floor. Roger Griswold of CBRE represented Rizk in the transaction. The Feil Organization also leased the ground floor restaurant space, formerly Mr. K’s, to UrbanSpace, a food hall operator. Amira Yunis of CBRE represented UrbanSpace in the deal.
Image courtesy of The Feil Organization