International WELL Building Institute Relocating to 9K SF Within Midtown South
International WELL Building Institute (IWBI), which bills itself as a “global movement to transform our buildings and communities in ways that help people thrive,” is moving within Midtown South to 220 Fifth Avenue at the corner of West 26th Street, Commercial Observer can first report.
IWBI has signed a seven-year lease for 9,000 square feet in a pre-built office spanning the entire eighth floor at Stellar Management and Imperium Capital’s 220 Fifth Avenue, the landlords indicated. The asking rent was in the high $80s per square foot. The firm will relocate from the nearby 381 Park Avenue South at East 27th Street late this summer.
“By definition, our team is passionate about their office surroundings, and our intention is to pursue WELL Certification for our space, using the opportunity to experience the benefits of WELL across every concept—air, thermal comfort, water, light, sound, materials, movement, nourishment, community and mind,” IWBI Chairman and CEO Rick Fedrizzi said in prepared remarks. “We want our space to be a model for other companies who want to make sure the places and spaces where their employees work are optimized for health, wellness and performance.”
Stellar and Imperium acquired the leasehold on the 20-story, 170,000-square-foot property in March 2017. Major tenants include Riskified, a tech company that makes e-commerce fraud prevention tools, which signed a deal for 27,000 square feet, as CO reported in March. Investment manager Artisan Partners signed a lease for 9,000 square feet at 220 Fifth Avenue at the end of last year.
The owners are finishing up a capital improvement program at the 1912 property, which will include a fully renovated lobby as well as updated and modernized building systems.
Newmark Knight Frank’s Brian Waterman, Andrew Peretz, David Malawer and Brent Ozarowski represented Stellar in the deal, while Cushman & Wakefield’s Michael Baraldi and Laura Pomerantz represented the tenant. Spokespeople for both brokerages did not respond with comments.