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
Mack Real Estate CEO Richard Mack and one of his new hotels at 51 Nassau Street. (Getty, ING)
Mack Real Estate takes over 7 distressed Manhattan hotels
Mack Real Estate takes over 7 distressed Manhattan hotels
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal)
Coming attraction: Movie theaters reopen in New York, San Fran
Coming attraction: Movie theaters reopen in New York, San Fran
Innovo Property Group's Andrew Chung with 23-30 Borden Avenue in Long Island City (Google Maps)
Innovo lands $155M construction loan for LIC warehouse
Innovo lands $155M construction loan for LIC warehouse
Restaurants and bars accounted for a majority of the gains in February (iStock)
Leisure, hospitality big winners in February job gains
Leisure, hospitality big winners in February job gains
The company currently operates 761 stores, and intends to open 100 new stores this fiscal year. (iStock)
Retailer Burlington plans to double store count
Retailer Burlington plans to double store count
(Getty, Photo Illustration by The Real Deal)
Retail had its reckoning. Will subleases flood the market?
Retail had its reckoning. Will subleases flood the market?
Ascena owns Ann Taylor, Lane Bryant, Lou & Grey and Cacique. (Getty)
Ascena restructuring approved post-bankruptcy
Ascena restructuring approved post-bankruptcy
arrow_forward_ios

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

Loading...