ContextMedia:Health Triples Office Space in Midtown Move
By Terence Cullen March 4, 2016 1:37 pm
reprints
A healthcare start up company has inked a deal to relocate to Equity Office’s 114 West 41st Street, the landlord announced in a press release.
ContextMedia:Health is taking 15,931 square feet, or the entire 10th floor, of the 22-story building between Avenue of the Americas and Broadway, according to the release. The company is expected to move into the space this month. The lease is for five years and four months, according to a spokeswoman for Equity Office, which is a subsidiary of Blackstone (BX) Group.
While the spokeswoman declined to provide the asking rent in the deal, she said the neighborhood average is in the mid-$70s per square foot.
ContextMedia:Health will relocate from nearby at 489 Fifth Avenue between East 41st and East 42nd Streets, where it currently leases 4,988 square feet, according to The Real Deal, which first reported news of the deal.
Scott Klau, Erik Harris, Ben Shapiro and Zach Weil of Newmark Grubb Knight Frank represented the landlord along with Zachary Freeman and Scott Silverstein of Equity Office in-house. Sacha Zarba and Jeff Fischer of CBRE (CBRE), who represented the tenant, did not immediately return a request for comment via a spokeswoman.
Mr. Silverstein said in the release that the landlord is “confident that the leased commercial space will suit their needs as a growing company.”
Ashik Desai, a vice president at ContextMedia:Health, said in prepared remarks that business operations for the company has been growing and the staff was aiming to hit 100 employees by the end of this year. The company wanted to triple its current foothold in order to prepare for that growth.
“In order to support our growing partnerships in the life sciences, ContextMedia:Health is increasing the size of our marketing, analytics and business development,” he said in the statement.
