The Real Deal New York

Cornell doubles its presence at Billy Macklowe’s 156 William

Medical college will occupy total of 85k sf in FiDi building

July 05, 2016 10:20AM

From left: 156 William Street in the Financial District and Billy Macklowe

From left: 156 William Street in the Financial District and Billy Macklowe

Cornell University is more than doubling its foothold at Billy Macklowe’s 156 William Street, with a deal to lease an additional 55,000 square feet in the Financial District building.

Weill Cornell Medical College was already taking 30,000 square feet in the 12-story property, reported the New York Post. The new deal includes 41,000 square feet of office space as well as 14,000 square feet of retail, which will be used as a medical imaging center.

The medical college’s affiliate, New York Presbyterian Hospital, has an outpost across the street at 170 William Street.

The William Macklowe Co. bought the 250,000-square-foot building for $62.5 million in 2013 “with the idea of converting it to medical,” the developer said.

In late 2015, Macklowe sold a majority stage of the property to LaSalle Investment Management for around $55 million. Just before that deal closed, he sold two commercial condos to the Blue School for $27.2 million.

Cushman & Wakefield’s John Cefaly, Michael Burgio and David Berke represented Cornell. Corcoran Group’s Paul Wexler and Josef Yadgarov represented Macklowe. [NYP] – E.B. Solomont

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