New York's World Product Centre
NEW YORK — Even though they say it’s only a year away from opening, builders of Cleveland’s medical mart have been coy about announcing tenants for their facility.
One of its competitors isn’t as modest. New York’s World Product Centre, which won’t open until 2013, said Wednesday it’s won 11 commitments from companies including Ohio-based Cardinal Health.
“The development of World Product Centre provides a transparent, neutral location for health-care providers to evaluate products and services from a variety of manufacturers and distributors,” Mark Rosenbaum, chief customer officer for Cardinal Health, stated in a World Product Centre release.
That’s effectively the business model being offered in New York, Cleveland and, most recently, Nashville, Tennessee. Each wants to be a destination location for health-care commerce — offering showrooms, conferences and exhibitor space to the medical industry. Cleveland and Nashville will be the first two to open — though it’s still unclear whether the latter will open.
New York and Cleveland’s approaches are different. New York needs to sign tenants early so it can use that money to secure a construction loan to build its $1 billion, 60-story 1.5-million square foot tower — a feat not everyone thinks is possible.
Meanwhile, executives from Merchandise Mart Properties Inc. (MMPI), which will build and manage Cleveland’s medical mart, have public funding and part of their structure already in place. MMPI plans to entice many of its first tenants to try the concept.
MMPI executives have long said they think being the first facility to try this untested concept is critical to its success. However, New York’s announcement does beg the question of why MMPI can’t yet announce its first tenants. The World Product Centre doesn’t even break ground until November.
Other tenants in New York include orthopedic manufacturer Zimmer and health-care clothier Encompass Group, as well as investor Roundtable Health Partners and its portfolio companies: ACI Medical, Bioniche Pharma, Aspen Surgical, CorePharma, Avalign Technologies, Excelsior Medical and Vesta.
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Hey Chris,
Would love to connect, and tell you what’s really happening at WPC. I think you will see that what we are doing is very different than either Nashville or Cleveland. If you would like to chat, please contact my asistant Liz at (212) 506-5517
Best,
John Strong
President
WPC Marketing, LLC
Comment by John Strong — July 2, 2009 @ 7:10 pm
John: Thanks for the offer. I will definitely reach out.
Comment by Chris Seper — July 2, 2009 @ 7:36 pm
[...] Cardinal is among the first tenants in the New York World Product Centre. What was the attraction? A. It’s an area we’re [...]
Comment by Cardinal Health fears nothing — not even pharmacy benefit managers : MedCity News — September 24, 2009 @ 2:49 pm
[...] Merchandise Mart executives have long said that being first to market is critical to success for the project, which is a new concept in the convention and medical space. Â A competitor building a center in Nashville is narrowing locations for a first phase of the project, which would rent an existing facility. A product center in New York is years away but has already secured some tenants. [...]
Comment by New construction costs put Medical Mart start date in jeopardy : MedCity News — November 7, 2009 @ 12:36 am
[...] of a competing medical mart project in New York, which also has no official opening date, in July announced commitments from 11 tenants to lease space in a $1 billion, 60-story skyscraper that would house medical equipment [...]
Comment by Cleveland’s medical mart draws ’strong interest’ from 20 companies, but no deals immiment : MedCity News — November 17, 2009 @ 7:25 pm
[...] the next year-and-a-half. In July, the New York developers announced that they’d lined up commitments from 11 tenants, something neither Cleveland nor Nashville can [...]
Comment by Nashville medical mart’s developers claim project’s future has been ’secured,’ still offer no details of financing : MedCity News — January 20, 2010 @ 2:43 pm
[...] tenants. (In July, New York’s World Product Centre said it’s secured commitments from 11 tenants, including Ohio-based Cardinal Health.) That could lead to more gnashing of teeth from Clevelanders [...]
Comment by Nashville’s medical mart has its first tenant : MedCity News — February 24, 2010 @ 3:01 pm
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