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 square feet 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.
“With soaring ceilings and abundant natural light, 200 Madison Ave. has provided an excellent environment for the creative talents at Havas Worldwide Health over the past 15 years,” said Donna Murphy, CEO Havas Health. “After an exhaustive search and lease negotiation, the company has accomplished its goals of joining its New York offices in upgraded space and securing amenities high on the team’s wish list, including outdoor space.”
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 square feet of offices at New York’s trendy 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, where the setback has outstanding city views. 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.
About Havas Worldwide Health
Havas Worldwide Health is the umbrella company for Euro RSCG Life and Health4Brands, two wholly owned global health communications networks. With more than 60 offices in 50 countries, the Havas Worldwide Health network has a uniquely unified model offering strategy, promotion, medical education, market access, PR and digital solutions inside each agency asset. For more information about Havas Health, visit the company’s website at www.havashealth.com.
About George Comfort & Sons Inc.
One of New York City’s oldest and most respected real estate companies, George Comfort & Sons specializes in acquisitions, asset and property management and brokerage, and offers full service leasing, construction and finance capabilities. It manages over 11 million square feet of commercial real estate nationally.
About Newmark Grubb Knight Frank
A part of BGC Partners, Inc. (NASDAQ:BGCP), Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark; the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services; and BGC’s financial strength, proprietary technology, expertise in global capital markets and deep relationships with many of the world’s leading financial institutions.
Newmark Grubb Knight Frank, together with its affiliates and London-based partner Knight Frank, employs more than 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.