NEW YORK CITY-In the first major transaction at the site since it changed hands last year, Medical Liability Mutual Insurance Co. signed a renewal and expansion totaling 84,138 sf at Two Park Ave. The company, which is the leading medical malpractice insurer in New York State, inked a renewal for its existing home base on the 25th, 26th and 27th floors and signed on for an additional 27,000 sf on the 24th floor.

Financial details of the transaction were not released; however, the average rent in the site is $48 per sf. Last year, the Paramus, NJ-based Vornado Realty Trust sold the 965,000-sf office building in Manhattan’s Murray Hill section, for $292 million to SEB Immobilien-Investment GMBH, a German capital investment company, realizing a gain on the sale after closing costs of approximately $157 million. Other addresses for the site are 37 E. 32nd St. and 40 E. 33rd St.

Mark S. Weiss, executive vice president, and Jeffrey Peck, managing director of Newmark & Co. Real Estate Inc., represented Medical Liability Mutual Insurance. William Korchak of Jones Lang LaSalle, the building’s leasing agent, represented the building ownership. Weiss says the move involved the “long-term planning and growth of Medical Liability Mutual Insurance.”

The 29-floor property, built in 1928, has office tenants including Herrick Feinstein, Hartford Fire Insurance, Schieffelin, Somerset and Co., New York Community Trust, Donald J. Fager and Associates, United Way and AGA Creative. Retail tenants on the tenant roster are Federal Express, Pinnochio Cafe and North Fork Bank.

Medical Liability Mutual Insurance was formed under the auspices of the Medical Society of the State of New York in 1975, when the state’s medical community faced a professional liability insurance crisis of availability.

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