The Real Deal New York

Tishman Speyer’s new co-working arm will go after corporate clients

The landlord launched Studio Private, which will provide full floor plates with 1 year minimum leases
By David Jeans | November 06, 2018 04:25PM

Rob Speyer and renderings of its co-working service, Studio (Credit: Tishman Speyer and iStock)

Tishman Speyer is launching a new co-working service to chase corporate clients, falling in line with the shift to blue-chip companies in the shared-office industry.

The mega-landlord’s new product, Studio Private, will provide large companies with office suites with “privacy and singular company culture,” while remaining a co-working brand. The new service is an expansion of Tishman’s co-working offices arm, Studio, which launched this month at 600 Fifth Avenue with a 35,000 square foot space on the tower’s second floor.  That service targets smaller firms, matching more traditional co-working office suites.

It’s part of a broader shift in the co-working industry, which The Real Deal examined in its November cover story. The model has evolved from providing space to chic startups and freelance types to essentially serving as property management firms for Fortune 500 companies.

Studio Private will open its first location at the Rockefeller Center in December, with flexible lease terms that start at one year for office space starting at 2,000 square feet and up to full-floor suites.

New clients will also have access to the co-working brand’s exclusive club, ZO, an amenities platform that provides wellness programs, backup child care, catering and other resources.

“Studio Private is a turnkey solution, offering companies a connected, customizable and contemporary spaces without having to make long dated space decisions,” the company said in a statement.

As a landlord, Tishman also has leased its space out to rival co-working companies. In September, Spaces signed a lease for 110,000 square feet at its Chrysler Building. WeWork inked a 250,000 square feet space at Tishman’s new Long Island City office and retail complex, the JACX.

Other traditional real estate companies are also stepping into the co-working space. CBRE announced last week that it plans to launch its own flexible office brand, Hana, that will largely target corporate clients, but also provide co-working services for smaller startups and freelancers.