Hines & Welltower Acquire Midtown Manhattan Site to Develop Seniors Housing and Memory Care Community
NEW YORK & TOLEDO, Ohio–(BUSINESS WIRE)–The New York office of Hines, the international real estate firm, and
Welltower Inc. (NYSE:HCN), a leader in health care infrastructure,
announced today that they have closed on the acquisition of a
development site at 139 E. 56th Street on the northeast
corner of Lexington Avenue and 56th Street in midtown
Manhattan. Existing commercial structures on the site will be demolished
to make way for construction of a 15-story senior living community with
retail at the base.
With this development, Hines and Welltower aim to address the aging
demographic with a new residential building for Manhattan’s vastly
underserved senior population in need of assisted living and memory care
services. The new residence will offer the highest quality of care and
the latest in health care innovation, while creating an environment
focused on wellness and community. Design and development plans are
currently underway and will be announced in greater detail at a later
date.
“Hines is delighted to partner with Welltower in our first venture into
the senior living sector. Welltower’s proven track record and vision in
health care infrastructure combined with our local development expertise
will complement one another well,” stated Hines Senior Managing Director
Tommy Craig.
“Consistent with Welltower’s focus on high-quality assets in major
metropolitan markets, we expect this project will support a more
connected model for health care delivery to seniors, especially those
who face cognitive challenges, helping them live better as they age,”
said Mercedes Kerr, Senior Vice President, Business Development.
“Welltower is known in the investment community for its unparalleled
partnership network. We’re very pleased to be partnering with global
real estate leader Hines and believe it exemplifies that we are the
partner of choice in health care real estate.”
Stephen Meringoff and Dennis Riese, the owners of the two adjacent
properties that comprise the site, joined together and engaged Eastern
Consolidated to represent them in this sale. Terms of the transaction
were not disclosed.
Hines is a privately owned global real estate investment firm founded in
1957 with a presence in 182 cities in 20 countries. Hines has $89.1
billion of assets under management, including $42.5 billion for which
Hines provides fiduciary investment management services, and $46.6
billion for which Hines provides third-party property-level services.
The firm has 109 developments currently underway around the world,
including several major projects in Manhattan. Historically, Hines has
developed, redeveloped or acquired 1,126 properties, totaling over 350
million square feet. The firm’s current property and asset management
portfolio includes 457 properties, representing over 193 million square
feet. With extensive experience in investments across the risk spectrum
and all property types, and a pioneering commitment to sustainability,
Hines is one of the largest and most-respected real estate organizations
in the world. Visit www.hines.com
for more information.
Welltower Inc. (NYSE:HCN), an S&P 500 company headquartered in Toledo,
Ohio, is driving the transformation of health care infrastructure. The
company invests with leading seniors housing operators, post-acute
providers and health systems to fund the real estate infrastructure
needed to scale innovative care delivery models and improve people’s
wellness and overall health care experience. Welltower™, a real estate
investment trust (“REIT”), owns more than 1,400 properties in major,
high-growth markets in the United States, Canada and the United Kingdom,
consisting of seniors housing and post-acute communities and outpatient
medical properties. More information is available at www.welltower.com.
Contacts
Hines
George Lancaster, 713-966-7676
George.Lancaster@hines.com
or
Welltower
Inc.
Barbara Montresor, 419-214-5798
bmontresor@welltower.com
