Fast-Growing Flatiron Health Inks 108K-SF Deal in Relocation to Soho
The company will occupy four floors of the 15-story east tower of the two-building One Soho Square, which is owned by Stellar Management and Imperium Capital. The company plans to relocate in the spring from its current address at 200 Fifth Avenue between West 23rd and West 24th Streets. A spokeswoman for Savills Studley declined to provide the asking rent in the 10-year-deal. But reported asking rents for previous tenants in the building have ranged from $80 to $120 per square foot.
Flatiron Health has a range of technology platforms to help researchers and medical professionals collect clinical data from cancer patients, which it hopes will advance the understanding of how to best treat cancer. Launched just six years ago, Flatiron Health has grown to nearly 500 employees, including oncologists, software engineers, quantitative scientists, product managers and designers.
“Flatiron Health has grown rapidly and needed a large block of space in a prime location with all of the attributes and amenities that today’s technology companies know and expect,” Savills Studley’s Zev Holzman, who handled the deal for Flatiron Health with colleagues Brad Wolk, Herman Dodson and Brian Scharfman, said in a statement.
Empire State Development will give Flatiron Health up to $6 million in tax credits, via its Excelsior Jobs Program. Flatiron Health is valued at $1.2 billion and has plans to create 300 jobs in the next five years, according to Business Insider, which first reported news of the lease.
Designed by Gensler, One Soho Square features a glass-encased lobby that connects the east tower to a 13-story west building. Together the structures—at 161 Avenue of the Americas between Spring and Vandam Streets and 233 Spring Street between Avenue of the Americas and Varick Street, respectively—boast 768,000 square feet and nine new passenger elevators.
“Flatiron Health’s decision to expand and relocate their headquarters to One Soho Square is a testament not only to the continued desirability of the neighborhood but to the building itself,” Ryan Jackson, a principal at Stellar Management, said in prepared remarks.
Newmark (NMRK) Knight Frank’s Brian Waterman, Andrew Peretz, David Malawer and Brent Ozarowski, who represented the landlords, did not immediately return a request seeking comment via a spokesman.