The Real Deal New York

Regus makes first foray into Queens

Shared office provider takes 34K sf in Long Island City’s Falchi Building

Shared office space provider Regus is expanding into Queens with a 34,000-square-foot lease at the Falchi Building in Long Island City.

The 10-year deal for 31-00 47th Avenue will give the start-up company host a chance to cater to the residents of Long Island City, where there are currently thousands of residential apartments under construction, according to Crain’s. Even more are in the pipeline — last week, Kevin Maloney’s Property Markets Group filed plans for more than 900 apartments at the edge of Queensboro Plaza.

Last year, The Real Deal reported that Luxembourg-based Regus was one of New York’s 15 largest office tenants.

Asking rents in the Falchi building were in the mid $40s per square foot. CBRE Group represented Regus in the deal. Cushman & Wakefield represents landlord Jamestown in-house.

Rival WeWork has signed on for 40,000 square feet above the planned Whole Foods in Williamsburg. [Crain’s] — Tess Hofmann