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Deals & Dealmakers

Tech firm inks 100,000 s/f lease at One Soho Square

A health-tech company that started out just five years ago in a co-working space has inked a deal for over 100,000 s/f of reburbished midtown south offices.

Flatiron Health is relocating its headquarters to 108,0000 s/f space at One Soho Square.

Savills Studley announced that it negotiated a 10-year lease for Flatiron Health to occupy four floors in the east tower of Steller Management and Imperium Capital’s newly renovated Class A office building on the border of SoHo and Hudson Square.

“Flatiron Health’s decision to expand and relocate their headquarters to One SoHo Square is a testament not only to the continued desirability of the neighborhood but to the building itself; C-Suites and employees alike appreciate our fresh take on what Class A office should be,” said Ryan S. Jackson, a principal at Stellar Management.

Founded in 2012, Flatiron is focused on accelerating cancer research and improving patient care. Its 500 employees include oncologists, software engineers, quantitative scientists, product managers, and designers working together to transform the way cancer is understood and treated.

To encourage Flatiron Health to expand in New York State, Empire State Development (ESD) will provide the company with up to $6 million in performance-based tax credits through the Excelsior Jobs Program.

“Companies like Flatiron Health create quality jobs and spur rapid advancement in New York’s growing healthcare and technology industries,” said ESD President, CEO & Commissioner Howard Zemsky.

“Flatiron’s expansion will broaden our understanding of cancer research and patient care and support the state’s cutting-edge life sciences sector.”

Zev Holzman of Savills Studley represented Flatiron Health, along with colleagues Brad Wolk, Herman Dodson and Brian Scharfman. David Fleisher of Savills Studley’s KLG Advisors represented Flatiron Health in incentives negotiations with ESD. Brian Waterman, Andrew Peretz, David Malawer and Brent Ozarowski of Newmark Knight Frank represented the owner.
Flatiron will join tenants including Glossier, MAC Cosmetics, Trader Joe’s, Managed by Q, DoubleVerify and Warby Parker when they relocate to the building in spring 2018.

“The evolution of One SoHo Square has been an incredible journey and it is thrilling that such an exciting tenant like Flatiron Health will bring its energy to our growing complex,” said Andrew Peretz, Executive Managing Director at Newmark Knight Frank.

Designed by Gensler, One SoHo Square has some of the largest floorplans available in Midtown South as well as newly re-designed penthouses with private outdoor space.

One SoHo Square East – a 15-story building, and One SoHo Square West – a 13-story building – are connected by a glass cube lobby and new central core overlooking the recently renovated SoHo Square Park.

The core houses the buildings new nine-passenger elevators, mechanical systems, and bathrooms. The building also has a tenant-exclusive rooftop deck, 24/7 concierge, messenger center and bike facilities.

Zev Holzman, Senior Managing Director at Savills Studley, commented, “Flatiron Health has grown rapidly and needed a large block of space in a prime location, with all of the attributes and amenities that today’s technology companies know and expect. Together with Flatiron’s team, we crafted a customized transaction to meet the company’s business objectives and pave the way for a new headquarters that will serve employees and the company mission for many years to come.”

“We are thrilled to relocate Flatiron’s headquarters to One Soho Square in the spring of 2018,” said Nat Turner, co-founder and CEO of Flatiron Health.

“New York has been our home since launching in 2012 with just a handful of employees in a shared workspace. The move to the new office — almost double our current size — gives us the much needed flexibility to grow our team working to accelerate cancer research in the months and years to come.”

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