NEW YORK — SL Green Realty Corp. (NYSE:SLG), New York City’s largest commercial property owner, said it has agreed to a 30-year lease for 308,115-square-feet at 220 East 42nd Street, also known as the “News Building”, to Visiting Nurse Service of New York (VNSNY), the country’s largest not-for-profit home- and community-based health care organization.
“We’re delighted to welcome VNSNY to the News Building. This was a complicated transaction requiring the consolidation of numerous spaces, the creation of a private tenant lobby and significant upgrade to certain building infrastructure to support the tenant’s high density occupancy,” said Steven Durels, Executive Vice President, Director of Leasing and Real Property for SL Green. “This transaction together with the previously announced renewal of 231,114 sq. ft. with Omnicom substantially mitigates the upcoming Omnicom lease expiration covering 493,560 sq. ft.”.
“This move is part of a bold new vision for the future of VNSNY assuring our ability to continue providing the best and most compassionate home and community based health care for vulnerable New Yorkers,” explains Guy Sansone, CEO of VNSNY. “The move is particularly timely as we will be celebrating our 125th Anniversary in 2018, and this new centralized space will help us respond to the demands of a rapidly changing healthcare system, positioning us to continue our mission for another 125 years. We sought to find new space that would allow efficient centralization of our services while remaining in the heart of New York City; and to provide our staff with an innovative and attractive work environment.”
The 30-year deal covers part of the second, entire third, fifth and sixth, part of the seventh, and part of the ground and concourse level. The not-for-profit is relocating from 1250 Broadway, where they have occupied 320,000 square feet since 1994. The new location, which features a turnkey installation, will serve as a centralized headquarters. The large floorplates allow for better densification, enabling VNSNY to occupy less space and run its operations more efficiently.
A Cushman & Wakefield office leasing team of Tara Stacom and David E. Green, along with Louis Wolfowitz and Mark Todrys from the firm’s Corporate Finance & Investment Banking group completed the transaction on behalf of VNSNY.
“Visiting Nurse Service of New York has a great relationship with SL Green Realty, which previously owned 1250 Broadway,” said Stacom, a Cushman & Wakefield Executive Vice Chairman. “220 East 42nd Street is a great fit, with a separate entrance, plenty of natural light, terraces and a convenient location near major public transportation.”