Health information provider WebMD is leaving Google’s home at 111 Eighth Avenue, as reported by Crain’s New York Business, following an agreement for an undisclosed sum with the online search company.
As part of a nine-year sublet agreement with Kaplan Test Prep, WebMD will move to the test prep company’s 150,000-square-foot space at 395 Hudson Street, following a renovation.
Manhattan Market Report
Midtown South is starting to look a little like Downtown North.
In the latest sign of the evolution of Manhattan’s former no-man’s land between Midtown and Downtown into the hottest office submarket in the U.S., Cushman & Wakefield last week noted a migration of financial firms into Midtown South and a corresponding overflow of technology and media firms into the Financial District over the past 10 years.
“We’ve never seen such an intertwining of the Midtown South market and Downtown,” Andrew Peretz, executive vice president at C&W, said in an interview.
Though it still makes up just two percent of the Manhattan office market’s total inventory, a number of significant deals have caused a surge in the education sector’s Manhattan footprint.
A report from CBRE attributes the 47 percent jump in office space leased by the sector – between 2005 and November 2012 – to a growing residential population, increases in enrollment at universities, campus expansions, greater availability and lower asking rents in sections of Midtown South and Downtown.