Artificial intelligence and chips are invading and shrinking medical diagnostic tools.
A health-device firm that created the first handheld ultrasound has leased a new location to serve its medical and hospital clients.
The Butterfly Network will relocate and expand four-fold to 24,166 square feet at 11 E. 26th St., also known as 11 Madison Square North, where it will occupy the entire seventh and eighth floors of the 21-story building.
Meghan Allen and Patrice Meagher of CBRE represented the tenant in the lease negotiations that will enable it to move from smaller offices at 251 W. 30th St.
James Buslik and Jeff Buslik of Adams & Co. represented the building ownership, which had an asking rent around $69 per square foot. You may recognize the property that sits between Fifth Avenue and Madison Avenue and directly across from Madison Square Park by the colorful signs for the Museum of Mathematics at its base.
Guilford, Conn.-based Butterfly Network is focused on shrinking medical devices and costs and is on a hiring spree here in the city.
It raised $250 million last fall on a $1.2 billion valuation based on the rollout of its $1,999 handheld Butterfly ultrasound reader and subscription model. The TV remote-sized device connects to iPhones and cloud storage and is targeted to medical professionals and hospitals.
