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News release

NEW YORK, NY

JLL Secures 160,000 SF for EmblemHealth in Brooklyn

Nonprofit health plan to occupy seven-story 101 Pennsylvania Avenue; build-to-suit medical office building/ambulatory care facility broke ground in January


NEW YORK, May 6, 2016 — JLL represented EmblemHealth in its lease of the new Class A, 160,000-square-foot 101 Pennsylvania Avenue in the East New York section of Brooklyn, N.Y. Building owner Atlantic 2644 LLC broke ground on the build-to-suit project for the nonprofit health plan in January.

EmblemHealth was represented by Jim Wenk, managing director, with JLL. Atlantic 2644, the developer, was represented in-house by Jonas Rudofsky, managing partner. Venable LLP provided real estate counsel for the tenant; and Schulte, Roth & Zabel, LLP provided real estate counsel for the building owner.

“EmblemHealth sought to replace its existing facility and greatly enhance its service offerings in the East New York section of Brooklyn to bring outpatient and ambulatory care services closer to its customers,” said Wenk. “With limited options in the surrounding area for an advanced medical facility, we soon realized a build-to-suit would be the best option for EmblemHealth. We partnered with the developer to design the new facility and structure a lease transaction that would meet all of the client’s needs. When completed, 101 Pennsylvania Avenue will take its place as one of EmblemHealth’s largest medical centers and a centerpiece of the neighborhood.”

EmblemHealth signed a 20-year lease for the 160,000-square-foot 101 Pennsylvania Avenue in December 2014. When completed in the third quarter of 2017, the new building will comprise approximately 75,000 square feet of medical office space and about 90,000 square feet of structured parking.

The medical office building will be prominently situated on the corner of Atlantic and Pennsylvania Avenues. The ground floor will include a lobby and ambulatory care treatment facilities, with parking for around 153 cars on the second floor through the fourth floor, and medical office space on the fifth floor through the seventh floor.

The seven-story medical office building was designed by Jason Lee with Array Architects and construction of 101 Pennsylvania Avenue is being overseen by Cauldwell Wingate. Alan Goodkin, managing director, with The Ackman-Ziff Real Estate Group LLC arranged $66.5 million in construction financing for the project with Union Bank. The construction financing was recently recognized by the Real Estate Board of New York with its Edward S. Gordon Memorial Award at the organization’s 72nd annual Commercial Sales Brokers Committee Party.

JLL is a leader in the New York tri-state commercial real estate market, with more than 2,300 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2015, the New York tri-state team completed approximately 32.6 million square feet of lease transactions; arranged investment sales, notes, debt and equity transactions valued at more than $8.2 billion; managed projects valued at $7.8 billion; and oversaw a property management, facilities management and agency leasing portfolio exceeding 141 million square feet.

About EmblemHealth
EmblemHealth, one of the nation's largest nonprofit health plans, serves 3.1 million people who live and work across the New York tri-state area. The company offers quality, affordable health benefits to consumers, employers and government purchasers as well as coverage for prescription drugs, dental and vision care. EmblemHealth utilizes a choice of quality networks to deliver personalized, coordinated care while leading the market in value-based delivery. For more information, visit www.emblemhealth.com.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $58.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.