NYU Langone Buys Nearly 500,000-SF Building

NEW YORK CITY—NYU Langone Medical Center has purchased the leasehold interest in 333 E. 38th St. from SL Green for $145 million. With 476,227 rentable square feet, the office building sits at the corner of East 38^th street and First avenue and anchors the medical center’s burgeoning ambulatory corridor.

Since signing its first lease in February 2006 for a portion of the fourth floor, the medical center’s occupancy has grown to more than 170,000 square feet with its Center for Musculoskeletal Care, Outpatient Surgery Center, and a parking garage, an important amenity for its visitors. The purchase Immediately affords the medical center greater operational control and significantly reduced occupancy costs, according to Cushman & Wakefield, which represented NYU Hospitals Center in the traction.