St. Luke’s Hospital Center renews Times Square lease

St. Luke’s Hospital Center has elected for a 10-year extension at its Times Square offices, Crain’s reported. The deal will see the hospital retain its 5,300-square-foot space at 770 Eighth Avenue between West 47th and West 48th streets, and comes in light of Times Square’s burgeoning residential population.

The hospital was among the earliest tenants of the 53-story residential rental building owned by the Jack Parker Corporation.

Asking rents are in the $40s per square foot.

“There has been a tremendous amount of residential development in the Times Square area in the past 10 years, which has brought in a whole new clientele for the office,” Newmark Grubb Knight Frank’s Jeff Rosenblatt, who represented St. Luke’s in the deal, told Crain’s. “For a lot of patients, this is a very accessible location.”

Jack Parker was represented by in-house leasing executives. The Times Square area has also attracted a slew of technology tenants, as The Real Deal reported.  [Crain’s] – Hiten Samtani