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Newmark Knight Frank Represents Empyrean’s 108,000 SF Headquarters Lease Renewal in Houston’s Westchase Submarket

Houston, TX (07/16/2019)

12:00 PM

Newmark Knight Frank (NKF) announced that Empyrean Benefit Solutions, Inc. (Empyrean) has committed to an office lease renewal for just over 108,000 square feet at its headquarters location at 3010 Briarpark Drive in Houston, Texas. Situated in Pinnacle Westchase, the building is a nine-story, Class A office asset strategically located inside Bestway 8 in Houston's established Westchase submarket. NKF Director David Husid provided tenant representation consulting services to Empyrean in the lease renewal transaction.

"Empyrean had a relocation requirement to manage its constant year-over-year growth," explained Husid. "The company wanted to expand the operational office vision and presentation to better serve both employees and visiting clients."

In 2017, NKF helped secure a short-term sublease in Westchase at 3010 Briarpark Drive for Empyrean, a benefits technology company, during a critical and especially busy time in its service to clients. Once NKF delivered a short-term solution, Husid and his team provided in-depth due diligence related to Empyrean's culture and logistics in order to survey potential headquarter options over the entire Houston office market. This information helped Empyrean decide to remain in-place for a long-term renewal.

"The NKF team worked quickly and efficiently," added Neal Golden, NKF's Texas President. "From the initial move, Empyrean's relocation was seamless; the company encountered no operational downtime and clients experienced no service disruption throughout the office transition."

"Empyrean is working with designers and architects to create a modern and collaborative environment that reflects our company's culture and enables our teams to deliver the market-leading products and award-winning service that has led to Empyrean's 97% client retention," said Richard Wolfe, Empyrean's co-founder and CEO.

The Empyrean lease represents roughly 55 percent of the current Class A leasing activity in the Westchase submarket for the second quarter of 2019. The submarket remains a prime choice for companies in the Houston market due to its proximity to the area's major tenants as well as numerous subdivisions and schools and allows a firm to give its' employees a strong work/life balance. As a result, the submarket's office demand remains steady, and as such firms as Honeywell, Bill.com and others have recently made long term commitments to the area.

About Empyrean Benefit Solutions, Inc.
Empyrean Benefit Solutions manages employee health and welfare benefits programs, combining the industry's most modern, client-adaptive, and configurable benefits technology platform with expert, responsive service to deliver Hi-Touch Benefits Administration. Empyrean provides market-leading enrollment, eligibility management, ACA reporting, and other plan administration services that empower employers, insurance brokers, and healthcare exchanges to meet ever-evolving benefit challenges. Founded in 2006, Empyrean's integrated platform serves over three million annual participants across a wide spectrum of sizes, industries, and complexities. For more information, please visit www.GoEmpyrean.com.

About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group's Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.

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