Extell Development Company Announces Class A Medical Office Building On Upper East Side
Hospital for Special Surgery Signs as Anchor Tenant
NEW YORK, Oct. 25, 2021 /PRNewswire/ -- Nationally acclaimed real estate developer Extell Development Company announced today that the firm will be developing the first prime Class A medical office building on Manhattan's Upper East Side at 403 East 79th Street. Located on the prestigious East 79th Street corridor, in close proximity to the city's top hospitals and medical research centers, the 30-story, 400,000-square-foot building will boast a new-build, state-of-the-art facility to meet the 21st century needs of the healthcare industry.
Drawing on the company's proficiency in developing both premier residential and commercial properties in New York City, Extell is bringing the same superior level of quality and craftsmanship found at all its buildings to developing their first medical office and research building.
The building's anchor tenant will be Hospital for Special Surgery, the world's leading academic medical center focused on musculoskeletal health. Ranked No. 1 in the nation for Orthopedics for the past 12 years and best in the northeast for Rheumatology by U.S. News & World Report, HSS has signed a long-term lease for approximately 200,000 square feet of space spread across the first eight floors. The space will be filled with HSS physician offices and ancillary services for treatment of musculoskeletal conditions, which affect one out of every two people over the age of 18.
"As the population ages and in anticipation of increased life expectancy, several medical expansions and redevelopments are already underway on the Upper East Side; however, the current medical office inventory is not equipped to meet the modern tenant's needs," said Gary Barnett, Chairman and Founder of Extell Development Company. "403 East 79th Street will provide a much-needed new facility to complement the area's growth. We are pleased to be partnering with HSS, the foremost hospital for orthopedics and rheumatology to anchor the base of the building."
"We are grateful to Extell for building a superb facility that will help us to continue lead the world in specialized patient care, research, innovation and education," said Louis A. Shapiro, President and CEO of HSS. "This is an important step in the multi-year transformation of our main campus, and complement to construction of the HSS Kellen Tower over FDR Drive, which is now underway."
The full block site, located on the east side of First Avenue from 79th Street to 80th Street, consists of 10 different parcels that took Extell over a decade to assemble. With the site fully entitled and cleared, the company anticipates breaking ground at the end of first quarter 2022 with completion slated for early 2025.
Designed by New York-based Perkins Eastman Architects, the mixed-use building will set a new bar for medical office and research space. The project will feature the latest in modern, user-centered design, infrastructure, and technological specifications. In addition to oversized windows that will offer expansive views and an abundance of natural light, the building will incorporate post-COVID enhancements and specific healthcare solutions, including increased ventilation and enhanced filtration throughout the building. There will also be accommodations for both Department of Health (DOH) and Article 28 requirements for uses such as an Ambulatory Care and Surgical Facilities.
The site's large footprint allows for efficient floor plates with mostly column free spaces permitting maximum flexibility for tenant fit outs and future improvements and changes in configuration. The building will also include prime retail space on the cellar and ground levels.
Avison Young President & Managing Director of New York City Operations Mitti Liebersohn and Principal & Tri-State Chairman Arthur Mirante represented HSS in the negotiations in collaboration with the hospital's in-house team of Michael Calabrese, Stephen Bell and Stacey Malakoff. Extell was represented in-house in addition to Avison Young Principal Vincent Carrega.
About Extell Development Company
Founded and headed by Gary Barnett, Extell Development Company is a nationally acclaimed real estate developer of residential, commercial, retail, hospitality and mixed-use properties, operating primarily in Manhattan and other premier cities across the nation. In collaboration with world-class architects and design professionals, Extell creates properties distinguished by sophisticated design, gracious floor plans and first-class amenities.
The firm has developed some of Manhattan's top-selling luxury condominiums, including Central Park Tower, the tallest residential building in the world at 1,550 feet tall, and One57, the record-breaking glass tower overlooking Central Park that has redefined the New York City skyline and includes ultra-luxury condominiums above the Park Hyatt's new five-star flagship hotel. Recently completed projects include One Manhattan Square, the largest condominium building on the Lower East Side Waterfront with over 100,000 square feet of amenities and Brooklyn Point, currently the tallest building in Brooklyn. Additional marquee developments include The Kent at 200 East 95th Street, a building that pays homage to some of New York City's Art Deco structures; 70 Charlton, the first luxury residential development to be built in Hudson Square; and 555TEN, a 56-story luxury rental building located at the nexus of Hell's Kitchen and Hudson Yards. For more information, visit www.extell.com.
About HSS
HSS is the world's leading academic medical center focused on musculoskeletal health. At its core is Hospital for Special Surgery, nationally ranked No. 1 in orthopedics (for the 12th consecutive year), No. 4 in rheumatology by U.S. News & World Report (2021-2022), and the best pediatric orthopedic hospital in NY, NJ and CT by U.S. News & World Report "Best Children's Hospitals" list (2021-2022). HSS is ranked world #1 in orthopedics by Newsweek (2021-2022). Founded in 1863, the Hospital has the lowest complication and readmission rates in the nation for orthopedics, and among the lowest infection rates. HSS was the first in New York State to receive Magnet Recognition for Excellence in Nursing Service from the American Nurses Credentialing Center five consecutive times. The global standard total knee replacement was developed at HSS in 1969. An affiliate of Weill Cornell Medical College, HSS has a main campus in New York City and facilities in New Jersey, Connecticut and in the Long Island and Westchester County regions of New York State, as well as in Florida. In addition to patient care, HSS leads the field in research, innovation and education. The HSS Research Institute comprises 20 laboratories and 300 staff members focused on leading the advancement of musculoskeletal health through prevention of degeneration, tissue repair and tissue regeneration. The HSS Global Innovation Institute was formed in 2016 to realize the potential of new drugs, therapeutics and devices. The HSS Education Institute is a trusted leader in advancing musculoskeletal knowledge and research for physicians, nurses, allied health professionals, academic trainees, and consumers in more than 130 countries. The institution is collaborating with medical centers and other organizations to advance the quality and value of musculoskeletal care and to make world-class HSS care more widely accessible nationally and internationally. www.hss.edu.
SOURCE Extell Development Company
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