1199SEIU United Healthcare Workers East Leases Out Former Headquarters Site for Development of New Times Square TowerApril 23, 2018
Paul, Weiss represented 1199SEIU United Healthcare Workers East, the largest healthcare union in the United States, in entering into a 99-year ground lease for redevelopment of its former headquarters property in Times Square. The union will relocate its headquarters into approximately 500,000 square feet of space at 498 Seventh Avenue, in a lease also negotiated by Paul, Weiss.
The acquirers of the ground lease at 311 West 42nd Street in Midtown West, a partnership between Taconic and National Real Estate Advisors, plan to demolish the existing building, 1199SEIU’s historic headquarters, in 2020 and build a 350,000-square foot rental building that includes retail space at the base. The development will include affordable rental housing, consistent with the Affordable New York Housing Program. Taconic and National worked with 1199SEIU to form a structure that vested the long-term ownership of the property with future generations of 1199SEIU members.
The Paul, Weiss team included real estate partners Meredith Kane and Steven Simkin and counsel Barry Langman and Allen Wieder; employee benefits partner Robert Fleder; and tax partner David Sicular.