This co-working company is opening a huge outpost at the Chrysler Building

WeWork competitor Spaces signs a lease for 110K sf at iconic Midtown tower

New York /
Sep.September 11, 2018 05:45 PM

The Chrysler Building (credit: Publicdomainpictures.net)

Co-working company Spaces is opening its largest New York City location yet at the Chrysler Building.

Spaces, a division of Regus parent company IWG, signed a lease for slightly more than 110,000 square feet at the iconic Midtown office tower, company representatives confirmed to The Real Deal.

Spaces is taking part of the first floor in the 77-story, 1,046-foot-tall tower at 405 Lexington Avenue, which will provide the company with a private elevator leading up to the co-working space on the seventh, eighth and ninth floors.

“This was a completely unique opportunity to create a ‘building within a building’ within one of the world’s most recognized landmark skyscrapers,” Michael Berretta, IWG’s vice president of network development, told TRD.

Financial terms of the deal were not available.

Jim Wenk, Brannan Moss and Kirill Azovtsev of JLL represented Spaces in the deal. An in-house team of Greg Conen and Rob Weller represented the landlords, Tishman Speyer and the Abu Dhabi Investment Council.

Regus has operated one of its short-term office locations on the 26th floor of the Chrysler Building for more than 15 years. Spaces, a Dutch firm that IWG purchased in 2015, launched in New York City that year with a 34,000-square-foot lease at the Falchi Building in Long Island City.

And when Regus’ lease at the Helmsley Building was coming due last year, it transitioned the location into a Spaces, which restacked in the building and got a private entrance on Vanderbilt Avenue as part of the 55,000-square-foot renewal.

Late last year, Spaces signed a 103,000-square-foot lease with Brookfield Property Partners at Manhattan West. In July it signed a 100,000-square-foot lease in Midtown South to take over the entire former United Charities Building at 287 Park Avenue South.


Related Articles

arrow_forward_ios
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Aulder Capital CEO Jonah Bamberger and 162-164 East 82nd Street (Rosewood Realty Group, Slate Property Group)
Two Upper East Side apartment buildings head to foreclosure sale
Two Upper East Side apartment buildings head to foreclosure sale
Stripes founder Ken Fox and a rendering of 40 10th Avenue (Stripes, Neoscape)
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
CRE held up through the pandemic far better than most expected (iStock)
How commercial real estate survived the pandemic
How commercial real estate survived the pandemic
Harbor Group grabs $558M in financing for Black Rock purchase
Harbor Group grabs $558M in financing for Black Rock purchase
Harbor Group grabs $558M in financing for Black Rock purchase
arrow_forward_ios

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

Loading...