The Real Deal New York

Heart disease research group inks lease at Ruben Companies’ 1700 Broadway

Cardiovascular Research Foundation taking 47K sf

June 22, 2016 09:07AM

Richard Ruben 1700 Broadway

Richard Ruben and 1700 Broadway in Midtown

A nonprofit heart disease research group has inked a lease at the Ruben Companies’ 1700 Broadway, taking the eighth and ninth floors of the building.

The Cardiovascular Research Foundation, which is currently located at 111 East 59th Street, signed a 15-year lease for the 47,000-square-foot space.

The asking rent for the space was $59 per square foot, but it’s not clear how much the nonprofit will actually pay. Scott Weiss of Savills Studley represented the research group, and Rubens was represented in-house by John Schrenker and Peter Shimkin of Newmark Grubb Knight Frank.

The research group is expected to move into its new digs Oct. 1., Commercial Observer reported.

Earlier this year, Ruben bought the land beneath the tower from the Shubert Foundation for $280 million. The company had built the 42-story building in 1968 through a ground lease at the site, which was set to expire in 2067.

Back in November, architecture firm Gensler took 119,000 square feet at the building, the second through sixth floors. [CO]Kathryn Brenzel 
 

MENU