Spaces continues its co-working rollout with big lease deal at 31 Penn

Asking rents in the building are reportedly $68 a square foot
January 16, 2019 11:30AM

Spaces CEO Martijn Roordink and 31 Penn Plaza (Credit: Palisades and Google Maps)

Spaces, another co-working company that is increasingly gobbling up New York office space, has signed a big lease deal at 31 Penn Plaza.

The firm, led by CEO Martijn Roordink, is a division of Regus parent company IWG, which has had a decades-long presence in New York. The latest lease spans almost 84,000 square feet across the ninth through 11th floors in the building.

Asking rents in the building are reportedly $68 per square foot, according to Commercial Observer. The landlord, Vanbarton Group, also signed three other leases within the building, to retail pharmacy Capsule, lending platform the Credit Junction and consulting firm RevTrax.

As part of the rush of co-working companies to acquire as much space as possible, Spaces made its presence known in New York last year, when it signed a 110,000 square foot lease at the iconic Chrysler Building in September. The company now has more than 200,000 square feet in the city.

In 2017, Spaces signed a 103,000-square-foot lease with Brookfield Property Partners at Manhattan West, and in July it signed a 100,000-square-foot lease in Midtown South to take over the entire former United Charities Building at287 Park Avenue South. [CO] — David Jeans