Convene inks 93K sf lease at Brookfield’s One Liberty Plaza

Company plans to grow Manhattan footprint by 46% over the next year

New York /
May.May 21, 2018 08:30 AM

Ric Clark and Ryan Simonetti with One Liberty Plaza

WeWork rival Convene signed a lease for 93,000 square feet at Brookfield Property PartnersOne Liberty Plaza, which is its largest location yet.

The flexible-workspace and meeting-space provider’s lease is part of 150,000 square feet of new locations that the company says will increase its presence in Manhattan by nearly 46 percent over the next 12 months, the Wall Street Journal reported.

“Within the next 24 months, we really want to position ourselves as the No. 2 brand,” Convene co-founder and chief executive Ryan Simonetti said.

Brookfield, which owns the 2.3 million-square-foot tower along with Blackstone Group, is also an investor in Convene.

And short-term space providers are becoming a larger part of Manhattan’s office market, albeit still a relatively small segment.

These companies occupy about 2.5 percent of Manhattan’s office space, and could hit 4 percent by the end of 2020, according to a new report from CBRE. Flexible-space providers have increased their square footage by more than 600 percent since 2013, adding space at an annual average rate of 22 percent, CBRE’s report shows.

Growth in the segment comes at the same time that Manhattan has seen a drop of 41 percent in traditional leases by tenants of 5,000 square feet or less between 2013 and 2017, suggesting that flexible-space companies are drawing tenants away from traditional long-term leases, according to CBRE’s report. [WSJ] – Rich Bockmann


Related Articles

arrow_forward_ios
Southold Town Supervisor Scott Russell and 12500 Main Road in Mattituck (Google Maps, Getty, Town of Southold)
North Fork town smells victory in eminent domain fight
North Fork town smells victory in eminent domain fight
Carlyle's David Rubenstein (Carlyle)
Real estate venture backed by Carlyle’s David Rubenstein raises $240M
Real estate venture backed by Carlyle’s David Rubenstein raises $240M
A photo illustration of 111 East 59th Street (Google Maps, Getty)
Loancore seeks forced sale of Plaza District building
Loancore seeks forced sale of Plaza District building
(Getty)
Manhattan office leasing jumps as availability and rents drop
Manhattan office leasing jumps as availability and rents drop
New York attorney general Letitia James and 109-20 Queens Boulevard in Forest Hills (Getty, Google Maps)
Pinnacle’s Joel Wiener penalized for hiding condo conversion costs
Pinnacle’s Joel Wiener penalized for hiding condo conversion costs
Brookfield 's Brian Kingston with 3333 Broadway (Brookfield Asset Management, Street Easy)
Brookfield eyes $400M for massive Harlem rental
Brookfield eyes $400M for massive Harlem rental
From left: Cushman & Wakefield’s Doug Harmon and Adam Spies; American Express CEO Stephen Squeri; and 200 Vesey Street (Getty Images, Cushman & Wakefield, Brookfield Properties, Manhattan College)
American Express to explore headquarters sale, move
American Express to explore headquarters sale, move
(Photo Illustration by The Real Deal with Getty Images)
US retail real estate rises from the ashes
US retail real estate rises from the ashes
arrow_forward_ios

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

Loading...