Select Office Suites has expanded its space at Eleven Fifteen Associates’ 1115 Broadway, adding 13,000 feet to the 58,000 it already holds in the building and signing a 10-year lease, Crain’s reported.
The new square footage gives the company a combined 71,000 square feet on the top of the 12-story Neoclassical loft building at the corner of West 25th Street.
“We can’t build them fast enough,” Angela Olivo, chief operating officer of Select Office Suites, told Crain’s of the suites and co-working spaces she has created since moving into the building in 2006, with 24,000 square feet on the top floor.
On the most recent transaction, asking rents were $48 per square foot.
Spaces in the building are mostly held by tech and new media firms, including recruitment site the Ladders, Corbis Images and the San Jose Mercury News. Several attorneys, doctors and units of larger companies — including the Ritz Carlton — have also set up shop in the building.
James Buslik, a principal of Adams & Co. who represented both sides in the lease, explained to Crain’s that Select will build out its new space itself rather than the landlord paying for it, as is usually the case with an office lease.
“That way, they’re invested, so if they can’t lease the space, they won’t try and give it back to us,” he told Crain’s. [Crain’s] — Julie Strickland