The Real Deal New York

Jay Suites adds another floor at 31 West 34th Street

Deal gives shared office provider more than 200,000 sf in NYC
By Hiten Samtani | June 26, 2014 03:45PM

Shared office space provider Jay Suites is adding another full floor to its 31 West 34th Street location, Juda Srour, president of the firm, told The Real Deal.

Jay Suites currently has about 28,000 square feet on the seventh floor of the 300,000-square-foot, 11-story building, located between Fifth and Sixth avenues. This deal will give it another 28,000 square feet on the entire eighth floor. The company will pay rents in the low-$50s per square foot, in line with what it is paying for the seventh floor.

The landlord is El Fassi Realty, which is controlled by investors Charles Ishay and the Oved Group. El Fassi has a ground lease through 2086 with the estate of Sol Goldman.

Representatives for the landlord could not be reached by press time.

The deal gives Jay Suites more than 200,000 square feet in Manhattan, in locations such as 1441 Broadway, 369 Lexington Avenue and 30 Broad Street.

The shared office space industry is experiencing explosive growth in the city. Market leader Regus holds more than 1.6 million square feet, as TRD reported.