Regus makes first foray into Queens

Shared office provider takes 34K sf in Long Island City’s Falchi Building

Falchi Building
Falchi Building at 31-00 47th Avenue in Long Island City

Shared office space provider Regus is expanding into Queens with a 34,000-square-foot lease at the Falchi Building in Long Island City.

The 10-year deal for 31-00 47th Avenue will give the start-up company host a chance to cater to the residents of Long Island City, where there are currently thousands of residential apartments under construction, according to Crain’s. Even more are in the pipeline — last week, Kevin Maloney’s Property Markets Group filed plans for more than 900 apartments at the edge of Queensboro Plaza.

Last year, The Real Deal reported that Luxembourg-based Regus was one of New York’s 15 largest office tenants.

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Asking rents in the Falchi building were in the mid $40s per square foot. CBRE Group represented Regus in the deal. Cushman & Wakefield represents landlord Jamestown in-house.

Rival WeWork has signed on for 40,000 square feet above the planned Whole Foods in Williamsburg. [Crain’s] — Tess Hofmann