NEW YORK CITY—Cornell University has leased four floors at 570 Lexington Ave. in two transactions, totaling approximately 15% of the building's gross leasable area.

The institution of higher education will lease a total of 70,130 square feet.

The Cornell School of Industrial and Labor Relations will occupy 38,872 square feet, the entire 11th and 12th floors of the building. Cushman & Wakefield's Mark Weiss and Robert Eisenberg represented Cornell in this transaction.

Weill Cornell Medical School has leased 31,258 square feet, the entire 9th floor and part of the 10th floor for its graduate programs. This transaction was handled directly without third-party brokers.

Asking prices in the building range from $57 per square foot in the base to $80 per square foot in the tower.

The Feil Organization has hired Alexander Wolff & Sons to act as construction manager for Cornell's leased space.

“We are pleased to welcome Cornell University 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,” says David Turino, Feil director of commercial leasing, who represented the company in the transaction.

“The leases to Cornell University represent a long-term commitment to 570 Lexington Ave. from a major Ivy League institution that has committed to grow its many and diversified schools and graduate programs in New York City,” said Brian Feil, VP of Leasing, the Feil Organization.

These latest leases bring the building to 96% occupancy, according to the Feil Organization. Over the last year, tenant occupancies at 570 Lexington Ave. reached over 90,000 square feet. Tenants now include Hudson Executive Capital, a hedge fund founded by former JP Morgan Chase CFO Doug Braunstein, Innova Health Partners, Petrobas, Brazil's national oil company, The Newport Group and Rizk Ventures. The ground floor restaurant space, formerly leased to Mr. K's, is now leased to UrbanSpace, an established food hall operator.

The Feil Organization purchased the 1932 landmarked, 50-story building, also known as the General Electric Building, in February 2001 for $120 million from Vornado and Columbia University, according to Real Capital Analytics.

The building, once also called the RCA Victor Building, features both Art Deco and classic New York style elements, with Gothic limestone, brick spires, a pink marble lobby and silver leaf vaulted ceiling. Adjacent to Saint Bartholomew's Episcopal Church on Lexington Avenue and East 51st Street, the building is close to St. Patrick's Cathedral, Rockefeller Center, and other well-known Midtown architectural sites.

Instant Insights /

Cornell Leases Four Floors at 570 Lexington Ave.

Related Stories

Recommended For You