In a transaction arranged by CBRE, Stellar Health, a healthcare technology company, has inked a 17,255 s/f sublease at 215 Park Avenue South.
The lease announcement follows the growing company’s recent $60 million Series B funding dedicated to investing in its team, as well as advancing product development, engineering and operations initiatives.
Growing headcount is one way that Stellar Health plans to use the funds. The company is looking to fill 40 open positions across analytics, engineering, product, operations, finance, human resources, and growth and market development functions by the end of the year, with the goal of doubling employees in 2022.
“At this time of rapid growth and expansion, we knew we needed a larger, more modern space to attract top talent,” said Michael Meng, Co-Founder and CEO of Stellar Health.
The CBRE team of Ben Friedland, Gary Davies and Taylor Scheinman represented Stellar Health in the sublease negotiations. “We are excited that we were able to assist Stellar Health to fulfill its growing office space requirements,” said Friedland. “The health-tech company has been growing rapidly since its inception and required the additional space to meet its expansion needs.”
Previously occupying 2,143 s/f of space at 127 West 26th Street, Stellar Health will house its corporate office on the entire 10th floor of 215 Park Avenue South, a 20-story, boutique, Class A office building owned by SL Green.
Stellar Health is currently operating in a hybrid work environment and will be supporting both in-office and remote work, giving employees the flexibility to come into the office as they wish.
Designed by Maynicke & Franke, who at the time of its construction in 1914 were considered the pioneers of modern loft buildings in New York City, 215 Park Avenue South is located at the corner of 18th Street and Park Avenue South. A recent renovation includes an updated lobby, new elevators, new corridors, restrooms, and an ENERGY STAR label.