NEW YORK CITY-After searching for a high-traffic location north of 96th Street, New York-based health insurance provider EmblemHealth Inc. found its match at 215 West 125th Street in Harlem. Colliers International arranged the deal for the healthcare company’s 20-year 34,170-square-foot lease for office and retail space here, owned by Cogswell Realty, LLC.
According to Colliers, EmblemHealth contracts with Manhattan’s Physician Group (MPG), which will occupy 2,056 square feet of ground floor retail space and 32,114 square feet of office space on the second floor. With the lease now in-place, the 125th Street property will allow MPG to replace an existing medical office with an updated, more modern facility, says Williams G. Lewis, VP of facilities and corporate services and associate general Counsel of EmblemHealth, in statement.
“We are committed to providing our customers access to affordable, quality health coverage and this setting allows us and MPG to do just that,” Lewis says. Asking rents here were $39 per square foot.
Brian Given, vice chairman of Colliers International’s Manhattan office, tells GlobeSt.com that the healthcare company wanted to expand their offices to be closer to their local subscribers. And with Columbia-Presbyterian Medical Center and Continuum Health Partners close by, he says medical office space in Upper Manhattan remains tight. “There is just not a lot of existing medical facilities available to a third party, so it was a challenge,” Given says. Steve Jaray and Sheena Gohil of Colliers International also represented the tenant in the deal. “It’s going to have a high visibility impact for a medical center.”
Ross Jacobs, Eric Sarner, Anthony Stapleton and Sheila Naysan served as landlord representatives for Cogswell Realty, LLC. Jacobs, a partner at Cogswell, says EmblemHealth selected Harlem because of its central location on the 125th Street corridor, large floorplates and close proximity to mass transportation. “We’re delighted to have a company of EmblemHealth’s stature as part of the mix and our mutual long-term commitment to bringing needed services to the community is a reflection of that,” he says, in a statement.
Through its companies Group Health Incorporated (GHI) and HIP Health Plan of New York, EmblemHealth provides health insurance to 2.9 million people.
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