Oscar Health Insurance Relocating HQ to 78K SF at One Hudson Square
By Lauren Elkies Schram July 3, 2018 10:00 am
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Technology-focused health insurance company Oscar Health is relocating its headquarters from the Puck Building to a space nearly twice the size of its current digs at One Hudson Square, Commercial Observer has learned.
Oscar signed a sublease for 78,000 square feet with Getty Images, spanning the entire fifth floor at One Hudson Square, which has an alternate address of 75 Varick Street. The company has been “expanding exponentially” in the last couple of years, an Oscar spokeswoman said, to 400 employees in New York City and an expected 250,000 members by the end of the year. From a geographical standpoint, the company announced on June 21 that it plans to expand into Florida, Michigan and Arizona next year. That would bring their coverage area to 14 markets in nine states, the spokeswoman indicated. (Oscar also has offices in Tempe, Ariz., Los Angeles and Dallas.)
“Oscar’s vision for a technology-driven health care system continues to attract a diverse range of top-tier talent from different backgrounds and industries and has fueled our exceptional growth,” Kerry Van Voris, the senior vice president of people at Oscar Health, said in prepared remarks. “As we scale Oscar and recruit more employees, we’ve made the exciting decision to move Oscar’s New York offices to One Hudson Square, where we will have more space to support our employees and teams with a beautifully designed space in a terrific, central location.”
The firm has been in 39,000 square feet on one and a half floors in the Puck Building at 295 Lafayette Street in Nolita from its inception six years ago. The Hudson Square location is “central,” the spokeswoman said, and the space is ideal because it allows for all Oscar employees to work on one floor. The lease is for seven years, and she declined to provide the asking rent.
Oscar will relocate to what will be a Gensler-designed space in the first quarter of 2019. To encourage Oscar’s growth in New York, Empire State Development is providing $3.5 million in performance-based tax credits through the Excelsior Jobs Program. In return, Oscar will create 289 new jobs over five years in technology, data science, clinical positions and more.
“One Hudson is the perfect building for Oscar Health to grow—a 77,000-square-foot full floor is hard to find, and its location in a thriving submarket makes it a great match for the Oscar brand,” Newmark (NMRK) Knight Frank‘s David Falk, who along with NKF’s Jason Greenstein represented Oscar in the deal, said in a prepared statement. NKF’s Daniel Levine represented Getty.
The landlord, Trinity Real Estate, is a tenant in 17-story, 1.2-million-square-foot building. Other tenants include Adelphi University, The Atlantic Philanthropies and New York magazine.
