"We will use the proceeds to further reduce debt and invest even more fully in our core business, including renovating our leased office space at York,"
"We'll now have a best-in-class front of house, back of house and staff working environment, all aligned with our brand and client expectations, and all at a lower net annual cost."
"materially the same net cost as leasing."
"The expanded footprint will enable the institution to consider multiple uses, including expanding clinical services to connect more New Yorkers to its network of exceptional physicians."
Sotheby's sold its former Upper East Side headquarters to Weill Cornell Medicine for $510 million. The building had been Sotheby's home since 1980 and sits one block from the East River. Sotheby's will relocate to the Breuer building at 945 Madison Ave. and agreed to lease space in the 10-floor building at 1334 York Ave. Sotheby's will use the proceeds to reduce debt and invest in its core business, including renovating leased office space at York, and expects lower net annual costs. Weill Cornell will expand its main campus and consider multiple uses, including expanded clinical services. Sotheby's refinanced the York Avenue building in 2020 with a roughly $484 million five-year loan, and Jones Lang LaSalle and CBRE represented the buyer and seller.
Read at The Business of Fashion
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