Health Plus Inks 50,000-SF Lease for HQ Space

BROOKLYN, NY-Managed care provider Health Plus has signed a 50,000-sf long-term lease at Renaissance Plaza. This marks one of the largest office transactions in the borough this year and maintains the building’s occupancy level at 100%.

The company will occupy the entire seventh and 26th floors for its headquarters. This marks a consolidation effort from two separate addresses in the borough. The company plans to relocate to the site in Downtown Brooklyn at 335 Adams St., from nearby 195 and 205 Montague St. The move is expected to take place during the first quarter of 2005.

Cushman & Wakefield’s Glenn Markman, executive director, and Danielle Zimbaro, associate director, were the exclusive leasing representatives for building owner Muss Development Co., and acted as the sole real estate advisers on the Health Plus transaction.

At the end of the third quarter of 2003, according to C&W’s research, Brooklyn’s 10.2% vacancy remained the second lowest in the nation behind only Washington, DC. “This follows a trend of strong demand for class-A space in Brooklyn,” Markman notes. “Renaissance Plaza represents the kind of high-quality space that is in demand and there is no question that its quality, location and downtown amenities are major reasons why it is fully leased.”

Renaissance Plaza is a 32-story, 1.3-million-sf,mixed-use complex in the Downtown area. It is home to the NY Marriott at the Brooklyn Bridge, an 1, 100-car garage and a health club.

Revitalization efforts are ongoing throughout the borough. Earlier in the year, Marcus & Millichap handled the $750,000-sale of an industrial building in Williamsburg that was a record price for industrial buildings in this location. The city is working with the Coney Island Development Corp. to revitalize the famed area and earlier this year, a joint venture of Time Equities Inc. and Hamlin Venture LLC, acquired the keystone block of the Pacific-Schermerhorn Urban Renewal Area also in the Downtown area from the Empire State Development Corp. The JV intends to develop a 500,000-sf mixed-use project on the site.