Regus to launch Spaces co-working concept in Manhattan, at the Helmsley Building

Executive-office company inked a 55K sf renewal at RXR's 230 Park

TRD New York /
Jul.July 10, 2017 02:25 PM

Regus CEO Mark Dixon and 230 Park Avenue (Credit: RXR)

Regus plans to launch its co-working concept Spaces in Manhattan at RXR Realty’s Helmsley Building, where the executive-suites company recently inked a 55,000-square-foot renewal.

Spaces, Regus’ answer to the co-working giant WeWork, has 35 locations already open worldwide and another 28 scheduled to open in the near future, according to the company’s website.

In New York, the sole location is at the Falchi Building in Long Island City, where Regus signed a 34,000-square-foot lease in 2015. A representative for the company was not immediately available for comment.

The company’s been a longtime tenant at RXR’s Helmsley Building at 230 Park Avenue near Grand Central Terminal, and when its lease came due, Regus took the opportunity to reposition its space.

As part of the 15-year deal, Regus is relocating from the building’s 10th floor to space on the third and fourth floors, and will enjoy a private entrance on Vanderbilt Avenue.

“It presented a unique opportunity for Regus to secure a building-within-a-building presence,” said Transwestern’s Patrick Heeg, formerly of JLL, who represented the tenant in the negotiations along with JLL’s Jim Wenk.

Asking rent for the space was in the low-$80s per square foot. RXR’s Jordan Berger represented the landlord in-house.

RXR bought the iconic, 1.4 million-square-foot Helmsley Building in partnership with Blackstone Group in 2015 for $1.2 billion.


Related Articles

arrow_forward_ios
Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

From left: 295 Fifth Avenue, 3 World Trade Center, 50 Rockefeller Plaza (Credit: Google Maps, Wikipedia)

These were NYC’s top office leases in October

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

620 Sixth Avenue and RXR Realty's Scott Rechler (Credit: Getty Images, RXR Realty)

RXR gets $400M+ from Goldman Sachs to refi Sixth Avenue building

550 Madison (Credit: Gensler)

Renderings revealed for 550 Madison’s renovated lobby

50 Rockefeller Plaza and Katten's Chris DiAngelo (Credit: Google and Katten)

Katten law firm moving to Rockefeller Center

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

arrow_forward_ios