The Real Deal New York

Health care startup inks lease at Equity Office’s 114 West 41st

ContextMedia:Health to triple its space in Manhattan

March 02, 2016 02:00PM
By Dusica Sue Malesevic

rishi-shah-114-East-41st-Street

From left: ContextMedia:Health CEO Rishi Shah and 114 West 41st Street

ContextMedia:Health, a digital health care startup, plans to triple its office footprint in New York City, having signed a lease for more than 15,000 square feet at Equity Office’s 114 West 41st Street.

The firm inked a five-year lease in February and will take the entire 10th floor of the 22-story office building in the Times Square area, between Broadway and Sixth avenues, according to a press release.

Average asking rents in the building’s neighborhood are in the mid-$70s per square foot.

ContextMedia has 4,988 square feet at its current headquarters at 489 Fifth Avenue and will move into its new digs this month.

Blackstone Real Estate Advisors bought the office building for $165.7 million from Leon Charney’s L.H. Charney & Associates in December 2014. Before the sale, the property underwent $7 million in capital improvements, including a new retail facade and a lobby.

Equity Office, an office landlord and a subsidiary of Blackstone Group, also revamped the building and last year upgraded the dual-entrance lobby, media lounge, billiards room and cafe. The space now features 12-foot ceilings, exposed brick and open pantries.

(Blackstone bought Equity Office Properties for $39 million in 2007.)

Newmark Grubb Knight Frank’s Scott Klau, Erik Harris, Ben Shapiro and Zach Weil represented the ownership in the leasing of this transaction. Zachary Freeman and Scott Silverstein represented Equity Office in-house. Sacha Zarba and Jeff Fischer of CBRE represented ContextMedia:Health.

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