Newmark Grubb Knight Frank (NGKF) has negotiated a long-term lease renewal and expansion for health and wellness communications agency Havas Worldwide Health.
The deal provides the agency with nearly 170,000 s/f of offices at 200 Madison Ave., enough room to bring together the employees who already occupied a portion of that space with another Havas Worldwide Health division that will relocate to the Madison Avenue address.
David A. Falk, NGKF president of the New York Tri-State Region, and Jason T. Greenstein, a managing director with NGKF, represented Havas in its site search and lease negotiation.
President and CEO Peter S. Duncan and executive vice president Matt Coudert of George Comfort & Sons Inc. acted in-house on behalf of ownership, George Comfort & Sons and Loeb Partners Realty.
NGKF recently concluded a separate lease negotiation for Havas Worldwide Health’s parent company, French advertising powerhouse Havas Worldwide, which leased 260,000 s/f of offices in Hudson Square in one of the largest leasing transactions of 2012.
In the Madison Avenue deal, Havas and its real estate representatives at NGKF scoured the market for more than two years, identifying and evaluating numerous properties that would enable the advertising firm to consolidate its offices and reduce annual real estate costs while boosting collaboration and efficiency.
“The offices at 200 Madison have been home as our agency has grown and exceeded our clients’ expectations, so we have many positive associations with this location,” said Doug Burcin, CEO of Havas Worldwide Health. “George Comfort & Sons worked with us to meet all of our objectives, and now we look forward to another 15 years at the same address.”
Under terms of the new deal, Havas will renovate the space with a series of upgrades over the next three years, which will include an outdoor deck above the ninth floor. The agency will ultimately occupy the entire sixth, seventh and ninth floors as well as a portion of the 20th floor.
The arrangement enables additional divisions to move into 200 Madison Ave. upon any lease expirations at other properties, avoiding double rent exposure.