Lease Transaction Friday

Let's jump right into the lease transactions. Your neighbors are signing new leases - here are the details.

Hulu more than doubled its office space at 276 Fifth Avenue, leasing 5,284 RSF on the fifth floor...The Partnership for a Drug-Free America will relocate from Midtown to 352 Park Avenue South, where it will occupy the entire 9th floor on a 15-year lease that begins with a low $30s PRSF rent, reportedly increasing in $2.00 PRSF intervals every 5 years, and includes significant construction by the landlord... Crain's New York Business reported that National Reprographics Inc. renewed its 33,000 RSF lease at 44 West 18th Street, where the asking rent was $30.00 PRSF, though the taking deal was reportedly much lower... New York Presbyterian Hospital leased the entire 10th floor of 23,000 RSF for 15 years at 463 Seventh Avenue, where the asking rent was $34.00 PRSF...Heartbeat Digital, currently located at 460 Park Avenue South, signed a 10-year lease for 15,358 RSF at 200 Hudson Street.

No Lease Transaction Friday report of late would be complete without NYU buying or leasing some property. The school purchased Founders Hall, at 120 East 12th Street, for a reported $134 million. NYU has been leasing the 190,000 SF building and using it as a 733-bed dorm, but reportedly exercised its purchase option on the property. The deal comes on the heels of NYU's $65 million purchase of the Forbes building at 60 Fifth Avenue.

Also, following up on this story from last week, involving the sale of five buildings that were formerly the Cabrini Medical Center on East 19th Street between 2nd and 3rd Avenues, The Commercial Observer reported this week that Memorial Sloane-Kettering Cancer Center submitted the winning $83 million bid in the auction for the property. The Observer story includes information on the reported second highest bidder for the property, and how he reportedly walked away with a nice chunk of change by losing the auction. Interesting stuff.