Healthcare Union Signs Big Lease Near Times Square
A healthcare workers union has just signed one of the biggest office leases in New York this year.
1199SEIU Healthcare Workers East will lease 580K SF at 498 Seventh Ave. between West 36th and 37th streets, not terribly far from Times Square. The union, which boasts over 200,000 members, will take up 180K SF of the total footprint, with its retirement fund occupying the remaining 400K SF, Crain's New York reports.
In total, the union and its fund will occupy 14 of the 25 floors at 498 Seventh Ave., owned by George Comfort & Sons. Currently, the union occupies 310 West 43rd St., which it owns, and the fund leases space at 330 West 43rd St. The expiration of the latter lease provided impetus for the two arms of Healthcare Workers East to consolidate. The new lease also allows for the union to sell 310 West 43rd, which it has been attempting to do off and on since 2006.
CBRE brokered the lease on behalf of the union's fund in the lease, and Cushman & Wakefield brokered on behalf of the union itself (and is currently marketing the union's HQ as a ground lease). George Comfort & Sons used in-house representation for the lease, which became available after media company GroupM vacated to anchor the under-construction 3 World Trade Center.