The Real Deal New York

Shared office space provider Jay Suites adds 7th NYC location

Firm now has nearly 250K sf in the city; plans to seek funding soon
By Hiten Samtani | November 20, 2014 05:15PM

Shared office space provider Jay Suites has signed a deal for its seventh location, an 18,000-square-foot space at Abramson Brothers’ 315 Madison Avenue, the firm’s president Juda Srour told The Real Deal.

Jay Suites is taking space on the third and fourth floors at the 26-story, 148,000-square-foot property. “There’s a great window line with natural light as well,” Srour said, adding that each floor has 11-foot ceilings.

JLL’s Sean Black represented Jay Suites in the deal. With this latest lease, Jay Suites has about 240,000 square feet of space in New York City, putting it among the bigger players in the rapidly growing shared office space and co-working space industry. The company plans to seek funding early next year to fuel its continued expansion, Srour said.

WeWork, the fastest-growing operator of shared and co-working space in the city, recently raised $150 million in investment from the likes of Boston Properties’ Mort Zuckerman and JPMorgan. It is now valued at $1.5 billion.