NYU Langone is the tenant
Commerzbank has acquired 222 East 41st Street from Columbia Property Trust for around $330 million, according to a press release. The entire property (389,500 SF) is home to the NYU Langone Medical center. When the lease was signed two years ago, the Midtown office building was repurposed for ambulatory care facilities and medical offices.
Be Smart: At around $847 a foot, the deal traded at around a 4 cap. With 28 years remaining on a triple-net-lease, the deal provides the German company with steady cash flow.
Flashback: Columbia Property Trust paid $320 million for the property in 2007.