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
Jake’s 58 (Google Maps, iStock)
Suffolk OTB to acquire Jake’s 58 in $120M deal
Suffolk OTB to acquire Jake’s 58 in $120M deal
4 Park Avenue (Feil Organization)
With 30K-sf lease, SUNY Empire shrinks Manhattan footprint
With 30K-sf lease, SUNY Empire shrinks Manhattan footprint
Amol Sarva and Cantor Fitzgerald CEO Howard Lutnick (Sarva via Sasha Maslov, Lutnick via Getty)
Amol Sarva regrets getting into bed with “consummate Wall Street type” Howard Lutnick
Amol Sarva regrets getting into bed with “consummate Wall Street type” Howard Lutnick
604 Fifth Avenue and Minamoto Kitchoan president Kemmei Okada (Photos via Google Maps, Minamoto Kitchoan)
Fifth Avenue’s Childs Building sells for $45M
Fifth Avenue’s Childs Building sells for $45M
(Getty)
Different state, same problem: Office availbility soars in NJ
Different state, same problem: Office availbility soars in NJ
Brian Feil of the Feil Organization and 360-370 Fulton Street (Google Maps)
Feil Organization to buy Downtown Brooklyn development portfolio
Feil Organization to buy Downtown Brooklyn development portfolio
Photo illustration of Brookfield Property Partners’ Brian Kingston (Brookfield, iStock)
Struggling hotel company handing Brookfield the keys
Struggling hotel company handing Brookfield the keys
G&M Realty's David Wolkoff (Getty, 5Pointz LIC)
Wolkoff’s $300M for 5Pointz tops outer-borough loan list
Wolkoff’s $300M for 5Pointz tops outer-borough loan list
arrow_forward_ios

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

Loading...