Oscar Health Taking New York Magazine’s 80K Space at One Hudson Square
Health insurance start-up Oscar Health has inked a deal to take over New York Magazine’s longtime offices at One Hudson Square, doubling the firm’s presence to 160,000 square feet in the building, Commercial Observer has learned.
Oscar signed a 10-year lease for the entire 80,000-square-foot fourth floor of the Trinity Real Estate-owned property, which has an alternate address of 75 Varick Street, according to Newmark (NMRK) Knight Frank’s David Falk, who represented Oscar in the deal. Asking rent was in the $80s per square foot.
(Disclosure: Oscar Health co-founder Joshua Kushner is the brother-in-law of Observer Media Chairman and Publisher Joseph Meyer.)
New York Magazine has been at One Hudson Square since 2007 but has been eyeing a move since 2016, hoping to find more affordable space, Politico reported. Oscar will take over the office sometime next year, a spokeswoman for the firm said.
A spokeswoman for New York Magazine said it did not “have a specific location to announce yet” in regards to its move.
Oscar Health will be expanding from its 80,000-square-foot space on the fifth floor of the 17-story property. The firm has been headquartered there since May after signing a sublease with Getty Images and packing up from the Puck Building.
The new deal moves Oscar Health into a direct lease with Trinity for the fifth floor of the 1.2-million-square-foot property, Falk said.
The company has been growing at such a rapid clip — with 520 employees in New York City alone — that it immediately needed more space, the Oscar spokeswoman said.
Falk brokered the deal for Oscar along with NKF’s Jason Greenstein. Peter Shimkin, also of NKF, represented the landlord.
It’s been a busy few weeks for startups in the health care space, with Flatiron Health taking another 122,068 square feet in the nearby One Soho Square last month, as CO reported.