Memorial Sloan Kettering Cancer Center Announces Strategic Real Estate Investments


Memorial Sloan Kettering Cancer Center (MSK) today announced details of strategic real estate investments that will support the world class cancer center into the future. In March 2022, MSK announced plans to build a new, state-of-the-art cancer care Pavilion on the Upper East Side campus to address the evolving cancer care needs of patients over the next century.

Concurrently, MSK’s Workplace Transformation team has been studying space requirements, considering the remote and hybrid work models adopted during the pandemic, to determine how teams will work and collaborate best going forward. MSK has developed a plan to reduce leased space across the city and consolidate various functions into a smaller number of owned spaces. Owning space gives MSK a more predictable cost structure and will significantly reduce long-term costs and provide a wide range of other benefits.

“Consolidating locations and bringing staff together is a part of a multiyear strategy we are executing. Our aim is to facilitate cost savings, drive efficiencies, bring staff physically closer to MSK’s main campus, and deepen collaboration among teams,” said Kathryn Martin, Chief Operating Officer of MSK. 

To achieve this, MSK has recently acquired:

  1. 415,000 square feet of space at 885 Third Avenue, known as the Lipstick Building. This was a unique opportunity to secure a significant amount of space in a single location. The proximity of this building to the Rockefeller Outpatient Pavilion at 160 East 53rd Street makes it an optimal location for MSK. While plans are still in development, the space is slated for use as academic offices, dry research and other administrative functions. MSK anticipates occupancy of this space in late 2024. 
  2. The Joy Building at 330 East 62nd Street, which MSK has leased space in since 2019. This was an opportunity to acquire a building that MSK is fully occupying and will continue to house academic offices.

Jeanne D’Agostino
Email: [email protected]