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WeWork rivals Serendipity Labs, UrWork ink 34K sf lease at Fosun’s 28 Liberty
Asking rents at the base of the building are in the high $50s psf
UPDATED, Monday, July 10 at 1:28 p.m.: Co-working firm Serendipity Labs has partnered with Chinese company UrWork on a 34,000-square-foot lease at Fosun International’s 28 Liberty Street. It will be the first New York City location for both firms.
The firms jointly inked a 16-year deal for the full sixth floor in the 60-story, 2.2 million-square-foot building.
Asking rents at the base of the tower are in the high $50s per square foot. Commercial Observer first reported in late June that Serendipity had signed the lease. On Monday, it was revealed that UrWork, a big player in the co-working space in China and was recently valued at $1.3 billion, had partnered on the deal.
Serendipity has six other locations across the country including ones in Rye, New York, Chicago and Aventura, Florida. The downtown location is expected to open later this year.
John Wheeler and Michael Berman at JLL represented the tenant, while the JLL team of Peter Riguardi, Mitchell Konsker and Dan Turkewitz handle leasing on behalf of Fosun. Rocktree Capital’s Omer Ozden advised UrWork in the joint venture.
Fosun bought the building, formerly known as Chase Manhattan Plaza, in 2013 for $750 million. Earlier this year the company signed the state attorney general’s office to 350,000 square feet, and it was recently reported that the dinner-and-a-movie theater chain Alamo Drafthouse Cinema was close to signing a lease for 40,000 square feet. [CO] – Rich Bockmann
This story was updated to reflect that UrWork has partnered with Serendipity Labs on the lease deal.