Chetrit to open flex-office location near Penn Station

Flexibility is seen as key to attracting tenants

New York /
Mar.March 31, 2021 06:50 PM
315 West 35th Street with Isaac Chetrit and DJ Dashti (Google Maps, Linkedin, iStock)

315 West 35th Street with Isaac Chetrit and DJ Dashti (Google Maps, Linkedin, iStock)

Eli and Isaac Chetrit are joining a growing number of landlords trying to attract tenants by offering more flexibility.

Workville, a flex-office company founded by Isaac Chetrit, Jacob Aini and D.J. Dashti, is opening a 60,000-square-foot location, occupying the entire building at 315 West 35th Street, Crain’s reported. The 14-story building is owned by Eli and Isaac Chetrit as well as Aini, according to public records. Isaac Chetrit and Aini purchased the property for $43 million in 2015.

The building will offer offices between 1,100 and 5,000 square feet to accommodate 10 to 50 people.

Terms will be less rigid than in traditional leases.

“A five- to 10-year lease — even the corporate companies don’t want to do that anymore,” Ezra Aini, Workville’s landlord partner, told Crain’s. “They would want the flexibility.”

As tenants face an uncertain post-Covid future and office availability in Manhattan hits historic highs, more landlords are adopting flex-office models. Some, such as TF Cornerstone, Thor Equities and LIVWRK, have teamed up with flex-office provider Industrious, which operates space on behalf of landlords on a management contract, rather than signing traditional leases.

CBRE recently paid about $200 million to acquire a 35 percent stake in Industrious.

The flex-office trend is happening against the backdrop of struggles by coworking companies such as WeWork and Knotel. WeWork has been retrenching after spinning out of control in 2019, and Knotel was bought by Newmark after filing for Chapter 11.

[Crain’s] — Akiko Matsuda





    Related Articles

    arrow_forward_ios
    4 Park Avenue (Feil Organization)
    With 30K-sf lease, SUNY Empire shrinks Manhattan footprint
    With 30K-sf lease, SUNY Empire shrinks Manhattan footprint
    The Watson Hotel at 440 West 57th Street (Google Maps)
    Developers already eyeing commercial-to-resi conversions
    Developers already eyeing commercial-to-resi conversions
    (Getty)
    Different state, same problem: Office availbility soars in NJ
    Different state, same problem: Office availbility soars in NJ
    An aerial of 341-347 Madison Avenue and Boston Properties CEO Owen D. Thomas (Google Maps, Real Estate Roundtable)
    Boston Properties moves forward with teardown of ex-MTA HQ
    Boston Properties moves forward with teardown of ex-MTA HQ
    General Assembly's CEO Lisa Lewin (General Assembly)
    General Assembly renews 40K sf lease in Flatiron District
    General Assembly renews 40K sf lease in Flatiron District
    HqO CEO Chase Garbarino (HqO via Facebook)
    Big landlords invest $60M in “tenant experience” startup HqO
    Big landlords invest $60M in “tenant experience” startup HqO
    Rudin Management’s Michael Rudin and Industrious’ Justin Stewart with 32 Sixth Avenue in Tribeca (Rudin, Industrious, Google Maps)
    Rudin teams up with Industrious for flex-office play
    Rudin teams up with Industrious for flex-office play
    About 17.3 percent of Manhattan office space is available for lease, the most in decades. (iStock)
    Manhattan office market’s 25% drop is ominous sign for landlords
    Manhattan office market’s 25% drop is ominous sign for landlords
    arrow_forward_ios

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

    Loading...