Insurance Risk Adviser Moving HQ to ESRT’s Penn Plaza Building
By Rey Mashayekhi November 26, 2018 5:58 pm
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Health insurance risk management advisory FOJP Service Corporation is relocating its headquarters to the Penn Plaza district after inking a lease for nearly 42,000 square feet at 111 West 33rd Street, according to landlord Empire State Realty Trust.
FOJP has agreed to take the entire 41,836-square-foot eighth floor at the 26-story, 730,000-square-foot office building between Broadway and Seventh Avenue, the real estate investment trust said in a press release.
Asking rent in the 16-year deal was $66 per square foot, representatives for ESRT told Commercial Observer. The risk management advisory—whose clients include Mount Sinai Health System and Montefiore Health System—will be relocating its headquarters from 28 East 28th Street in NoMad, where it occupies more than 35,000 square feet on that building’s 14th floor, according to CoStar Group data.
The New York Post first reported the news of the lease last week.
“We’ve attracted a great roster of tenants at 111 West 33rd Street,” Thomas Durels, ESRT’s executive vice president of real estate, said in a statement. “Fully modernized with a new lobby and building entrances, 111 West 33rd Street offers fantastic light, efficient floor plates and great access to mass transportation.”
Other tenants at the property include apparel brand Intermix and coffee and espresso manufacturer Nespresso, as well as ESRT itself. The landlord also recently signed Diligent Corp. and ClearView Healthcare Partners to leases at the building this fall. Ground-floor retail tenants include Target and Sephora.
Keith Cody represented the real estate investment trust in-house in the FOJP deal alongside a Newmark (NMRK) Knight Frank team of Scott Klau, Erik Harris and Neil Rubin, while Cushman & Wakefield (CWK)‘s Mark Weiss, Robert Baraf, Gary Ceder and Jared Thal represented the tenant.
Representatives for FOJP and C&W did not return requests for comment, while a spokesman for NKF declined to comment.
