Tishman Speyer, one of the world’s biggest private landlords, is launching its own co-working brand, putting it in direct competition with a host of venture-backed startups such as WeWork and Knotel.
The new brand, dubbed Studio, will launch November 1 at Tishman’s 600 Fifth Avenue, the New York Post reported. Studio will take 35,000 square feet on the tower’s second floor. The developer plans to expand the brand to its other buildings and will next launch in Chicago, Beverly Hills, Boston, Washington D.C. and Germany.
Prices range from $450 per month for a flex desk to $22,500 for 30 desks. “Having our own brand and running it ourselves enables us to serve our tenants in a more bespoke way,” a Tishman spokesperson told the newspaper.
Tishman already has a significant co-working presence in it buildings. Earlier this month, Spaces inked a lease for 110,000 square feet at its Chrysler Building — the co-working company’s largest New York City location to date. WeWork is taking 250,000 square feet at Tishman’s new Long Island City office and retail complex, the JACX.