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90,000 s/f relocation a healthy choice for firm.

111 Eighth Avenue announced it has leased 90,000 square feet of office space to WebMD Health, according to Andy Nick, principal and director of asset management for Taconic Investment Partners, the building's co-owner.

Taconic, along with Jamestown and the New York Common Retirement System, owns the building.

WebMD Health, a leading provider of online information, educational services and communities for physicians and consumers, will relocate its existing office from 224 West 30th Street in mid-2005. The lease term is 10 years.

"WebMD's lease adds to our diverse list of major corporate tenants, which include Deutsch Advertising, Nike USA, Armani A|X, DoubleClick, Kmart, Level 3 Communications, Sprint, Time Warner Telecom,, and Yamaha," says Mr. Nick.

Taconic Management Company LLC, the property manager, in conjunction with CB Richard Ellis' Brian Gell and Susan MacWilliams, negotiated the deal on behalf of building ownership. GVA Williams and Ackerman & Co. served as brokers to WebMD Health.

"WebMD's space encompasses an assemblage of three different offices, two vacated by exiting tenants, and another by a firm moving within the building," says Mr. Gell. 111 Eighth Avenue, the former Port Authority Commerce Building, is a 16-story, 2.9-million-square-foot Class-A office building spanning the entire block. Taconic Investment Partners, Jamestown and the New York Common Retirement System own the building.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Oct 20, 2004
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