Pending regulatory approval, MSKCC says it intends to renovateand convert the Gramercy Park-area property to an outpatient cancercenter. The facility served as a 455-bed hospital until it closedin March 2008 due to financial woes. A state health care commissionin 2006 recommended the closing of Cabrini and four other New YorkCity hospitals.

"Cabrini spent the last 100 years fulfilling its mission at thislocation, so it's very meaningful that the property will continueto be utilized as a medical facility," says Vincent Carrega,executive managing director of Grubb's capital markets group, in arelease. "It's also exciting to know that this transaction providesan additional location for MSKCC to further its tremendouslyimportant work."

The complex extends half a city block and is comprised of fourbuildings totaling nearly 400,000 square feet of above-grade area,plus approximately 54,000 square feet of below-grade space. Largestof the buildings is a 17-story purpose built hospital, encompassingnearly 300,000 square feet of gross building area. The remainingthree adjacent buildings are situated on separate lots.