Initial Rendering of 403 East 79th Street. credit: Perkins Eastman Architects
Extell Development Company, a real estate firm owned by Gary Barnett, has announced plans to develop the first prime Class A medical office building on Manhattan’s Upper East Side. It will be located at 403 East 79th Street, on the prestigious East 79th Street corridor, in close proximity to the city’s top hospitals and medical research centers.
The new building will be 30 stories high, hold 400,000 square feet of space and will boast a new-build, state-of-the-art facility to “meet the 21st century needs of the healthcare industry.”
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.
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“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.”
