The Real Deal New York

Spark Labs expands with 20K sf digs in Bryant Park

Co-working firm will also remain at 833 Broadway

August 24, 2016 08:00AM

25-West-39th-Street-NYC

From left: 25 West 39th Street, Joseph Sitt and Christophe Garnier

UPDATED, Aug. 26, 10:35 a.m.: Spark Labs, the media- and tech-focused co-working firm, is expanding its New York City footprint.

The firm inked a 15-year lease for 20,000 square feet at 25 West 39th Street, roughly four times the size of its current digs at 833 Broadway near Union Square, where it will continue to maintain a presence.

At 25 West 39th, Spark Labs will occupy the entire 14th floor of the building, which had an asking rent of $62 per square foot, the New York Post reported. The 16-story building is owned by Thor Equities TRData LogoTINY, and Dan Harroch of Thor Retail Advisors represented Spark Labs in the deal.

A Spark Labs investor, Malaysia-based UMW Holdings Bhd., is backing the company’s New York City expansion, founder Christophe Garnier told The Real Deal. Spark Labs provides shared office space, networking and support for companies, typically from outside the United States.

“They are coming from Europe, they are coming from Asia and they are coming from Israel,” Garnier said.

Companies can rent two desks for $550 per month, or a larger private space for 22 people for $15,000 per month.

Thor and the Chetrit Group picked up the building from Tommy Hilfiger for $53 million in 2005, and a year later Thor bought Chetrit’s interest for $80 million.

Earlier this year, Thor considered selling the 16-story building, which houses its headquarters. The 208,000-square-foot Class B building was expected to fetch north of $220 million, The Real Deal reported at the time. Thor occupies roughly 45,000 square feet across three floors, and other tenants include apparel retailer Polo Ralph Lauren, watchmaker Movado and clothing store Seven for all Mankind, according to Thor’s website. [NYP] E.B. Solomont

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