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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.