Co-working company Spaces takes 100K sf in Flatiron District

CL Investment Group scrapped plans to convert 287 PAS to condos

TRD New York /
Jul.July 17, 2018 03:30 PM

Spaces’ Martijn Roordink and 287 Park Avenue South (Credit: Coworking Europe and 287 Park Avenue South)

Co-working company Spaces, IWG Plc’s answer to WeWork, signed a lease for 100,000 square feet in the Flatiron District.

The company took the seventh through ninth floors at CL Investment Group’s 287 Park Avenue South, Commercial Observer reported. Terms of the deal weren’t disclosed, but average asking rents in the area are around $70 to $80 per square foot.

CL Investment bought the property, formerly known as the United Charities Building, for $128 million in 2014 with intentions to convert it to residential condominiums. The Beijing-based developer later pulled the plug on those plans and instead opted to renovate the building for commercial tenants.

Spaces last year signed a lease for 100,000 square feet at Manhattan West, and has locations at Lighthouse Point on Staten Island, 31-00 47th Avenue in Long Island City, 1740 Broadway and the Helmsley Building at 230 Park Avenue.

There is currently 6.6 million square feet of co-working space in Manhattan, according to a recent report by Savills Studley. That total could reach 10 million square feet by the end of next year. [CO] — Rich Bockmann


Related Articles

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

729 Seventh Avenue (Credit: Google Maps)

Lawyer argued façade was safe 3 months before fatal accident

Bill Ackman, LeBron James, and Arnold Schwarzenegger with 787 11th Avenue (Credit: Google Maps and Getty Images)

Celebrity property group caught in $11M construction dispute

Renderings of The William Vale and Denizen Bushwick (Credit: iStock)

All Year’s rating outlook turns negative as bondholders reject two amendments