As part of managing a national expansion program by WebMD LLC, Newmark Principal and President of the Tri-state Region David Falk and Associate Director Kyle Ciminelli have represented the Web-based provider of health and healthcare information in two recent office lease transactions.
The duo represented WebMD in securing approximately 50,000 square feet of expansion space on the 11th floor of Worldwide Plaza, located at 825 Eighth Ave. in Midtown Manhattan. The space, located within a short commute from WebMD’s headquarters at 111 Eighth Ave., was selected following an extensive search throughout Midtown South.
“Proximity to its 111 Eighth Ave. headquarters - eight minutes door-to-door via subway - along with great natural light and views, a highly efficient floor plate, and high ceilings make this the perfect space for WebMD,” commented Falk.
In a separate transaction, Falk and Ciminelli represented WebMD in expanding its other main location, in Atlanta, from 20,000 to 45,000 square feet. The transaction took place in Tishman Speyer’s Colony Square mixed-use complex in the Midtown submarket; WebMD’s expanded space is on 400 Colony Square’s top two floors.
WebMD’s lease on an existing 20,000 square feet elsewhere in the Colony Square complex was scheduled to expire at the end of this year, according to Ciminelli. “Locating the company within the same complex enabled their employees to enjoy the same amenities the complex offered, while taking full advantage of the weak market conditions to receive significant contributions from the landlord as well as exterior signage rights on the building.”
Falk and Ciminelli, both located in Newmark’s New York City headquarters office, were hired in 2008 to handle WebMD’s entire national portfolio. WebMD has been expanding significantly since. During the past year, in addition to the New York City and Atlanta expansions, Falk and Ciminelli have also completed transactions in Chicago and Montreal.
About Newmark
Newmark is one of the largest independent real estate service firms in the world. Headquartered in New York, Newmark and London-based partner Knight Frank operate from over 200 offices in established and emerging property markets on six continents. Last year, transactions were valued at more than $32 billion with annual revenues of over $811 million. With a combined staff of more than 6,300, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For further information, visit www.newmarkkf.com.