WeWork rivals Serendipity Labs, UrWork ink 34K sf lease at Fosun’s 28 Liberty

Asking rents at the base of the building are in the high $50s psf

New York /
Jun.June 30, 2017 04:28 PM

UPDATED, Monday, July 10 at 1:28 p.m.: Co-working firm Serendipity Labs has partnered with Chinese company UrWork on a 34,000-square-foot lease at Fosun International’s 28 Liberty Street. It will be the first New York City location for both firms.

The firms jointly inked a 16-year deal for the full sixth floor in the 60-story, 2.2 million-square-foot building.

Asking rents at the base of the tower are in the high $50s per square foot. Commercial Observer first reported in late June that Serendipity had signed the lease. On Monday, it was revealed that UrWork, a big player in the co-working space in China and was recently valued at $1.3 billion, had partnered on the deal.

Serendipity has six other locations across the country including ones in Rye, New York, Chicago and Aventura, Florida. The downtown location is expected to open later this year.

John Wheeler and Michael Berman at JLL represented the tenant, while the JLL team of Peter Riguardi, Mitchell Konsker and Dan Turkewitz handle leasing on behalf of Fosun. Rocktree Capital’s Omer Ozden advised UrWork in the joint venture.

Fosun bought the building, formerly known as Chase Manhattan Plaza, in 2013 for $750 million. Earlier this year the company signed the state attorney general’s office to 350,000 square feet, and it was recently reported that the dinner-and-a-movie theater chain Alamo Drafthouse Cinema was close to signing a lease for 40,000 square feet. [CO]Rich Bockmann

This story was updated to reflect that UrWork has partnered with Serendipity Labs on the lease deal.


Related Articles

arrow_forward_ios
11 Penn Plaza and Apple CEO Tim Cook (VNO; Getty)

Apple snags more space at Vornado’s 11 Penn Plaza

Apple snags more space at Vornado’s 11 Penn Plaza
WeWork CEO Sandeep Mathrani (Getty)

WeWork losses continue but firm sees glimmer of hope

WeWork losses continue but firm sees glimmer of hope
Vornado CEO Steven Roth, Oxford Properties president Michael Turner and 650 Madison Avenue (Getty, Linkedin, VNO)

Here’s what tenants are paying at Vornado & Oxford’s 650 Madison

Here’s what tenants are paying at Vornado & Oxford’s 650 Madison
Breather CEO Bryan Murphy (LinkedIn)

Breather may explore sale or capital raise as flex-office industry struggles

Breather may explore sale or capital raise as flex-office industry struggles
Knotel’s Amol Sarva and Northwind’s Ran Eliasaf with 40 Wooster Street (Google Maps)

Free rent not entirely free, Knotel’s landlord alleges in lawsuit

Free rent not entirely free, Knotel’s landlord alleges in lawsuit
Columbia Property Trust CEO Nelson Mills and 245-249 West 17th Street (Photos via Columbia Property Trust; StreetEasy)

Columbia Property Trust collects 98% of its rent in Q3

Columbia Property Trust collects 98% of its rent in Q3
Hudson Pacific Properties CEO Victor Coleman and Sunset Las Palmas Studios (Google Maps, iStock)

Hudson Pacific studio revenue takes hit

Hudson Pacific studio revenue takes hit
Knotel CEO Amol Sarva (iStock)

Knotel slashes its workforce again

Knotel slashes its workforce again
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...