World Product Centre To Rise On Copacabana Site: Vast Medical Technology Marketplace To Occupy 1 Million Sq. Ft.

Extell Development Company To Build Custom-Designed Tower In West Midtown

Aug 01, 2007, 01:00 ET from World Product Centre LLC

    NEW YORK, Aug. 1 /PRNewswire/ -- World Product Centre LLC today
 announced that it has signed a letter of intent with Gary Barnett's Extell
 Development Company to occupy a specially designed 1 million square foot
 building that Extell will construct to WPC's specifications at the former
 site of the Copacabana nightclub at 11th Avenue and West 34th Street. If
 all goes as planned, construction for the building will commence at the
 beginning of 2009 and be completed by 2012, WPC said.
     The agreement gives major impetus -- and adds Mr. Barnett, one of the
 city's most active real estate developers -- to an ambitious project aimed
 at making New York City the prime center of commerce and innovation for the
 $260 billion global market for medical devices and diagnostics. The World
 Product Centre is designed from the ground up to reflect the real-world
 needs of today's doctors, hospital administrators and purchasing agents in
 sourcing, selecting and integrating the latest advances in medical
 technology into their patient care facilities-bringing together under one
 roof the world's leading manufacturers of sophisticated and innovative
 medical devices, diagnostics, equipment and supporting systems.
     The letter of intent is a key component of the project because it
 allows WPC to begin signing lease/licensing agreements with medical device
 manufacturers around the world to establish their presence in the unique
 facility, where the healthcare community will for the first time be able to
 see, test and determine the interoperability of a complete range of medical
 equipment, across all specialties, in one place, at any time. All these
 activities, learning opportunities and business transactions will be
 facilitated by cutting edge computer technology designed by Hewlett
 Packard, making the entire experience user-friendly and seamless.
     "This is a major step forward for the World Product Center as the
 players in the medical equipment industry now know exactly where our
 facility will be and can sign on to be a part of this exciting new
 concept," said Israel Green, the entrepreneur behind the visionary project
 and chairman and president of WPC. "This is a tremendous opportunity for
 manufacturers to reach their prime target audience exactly when they are
 the most receptive and focused on sourcing and learning, all in a
 customized environment that is specifically designed for demonstration and
     WPC will rise on a prime site in west midtown as a major presence in an
 area that is experiencing a huge redevelopment boom from Eighth Avenue to
 the Hudson River. Across the street from the soon-to-be expanded Javits
 Convention Center and adjacent to a planned subway station, the site is
 located on the corner of 11th Avenue and 34th Street and is best known as
 the former home of the Copacabana nightclub.
     "Extell is excited to join the WPC team to develop the building that
 will house this very important and visionary concept," said Mr. Barnett,
 chief executive officer of Extell. "It fits in very well with the
 innovative, exciting dynamic that is occurring in west midtown and will be
 a welcome addition to a neighborhood that is on its way to becoming one of
 the most active and robust commercial centers in the city. With this
 location and the planned amenities, the building can truly serve as a
 beacon for the healthcare industry and be a key element in fulfilling WPC's
     WPC will have a major economic impact. It will bring tens of thousands
 of doctors, hospital administrators and purchasers annually to New York
 City to learn about, interact with and buy the world's most sophisticated
 medical equipment. Annually, the general public, broader healthcare
 community and the medical industry bring approximately 3 million visitors
 to New York City, which will enhance and support visitors to the World
 Product Centre. In addition to medical device makers and ancillary support
 providers who will mount as many as 2000 permanent displays and
 demonstrations of their equipment, the visitors will be attracted by
 numerous educational and scientific meetings, as well as ongoing
 initiatives aimed at improving connectivity within the health care system
 and better disseminating medical technology around the world.
     Today's announcement is the latest in a series of milestones that have
 moved the project forward over the past few years as Mr. Green has
 tirelessly promoted the concept and enlisted the support of a number of key
 participants. Medical associations and foundations representing some of the
 most device- driven specialties have expressed support for WPC and its
     "We have had extensive conversations with many doctors and hospitals
 and they love the idea of improving the process by which they equip their
 facilities," said Mr. Green. "Their support will drive this new business
 model and make it successful."

SOURCE World Product Centre LLC