The co-working company Jay Suites has signed a 50,000-square-foot lease at 515 Madison Avenue with the Gural family’s GFP Real Estate.
Jack and Juda Srour’s Jay Suites has rented out the eighth, ninth and 10th floors of the building, expanding its overall footprint in Manhattan to almost 700,000 square feet, according to the company. It signed its largest lease in March for more than 90,000 square feet at 15 West 38th Street, right next to the Lord & Taylor Building that competitor WeWork agreed to purchase with Rhone Capital last year for $850 million. The company is still on the hunt for an equity partner, The Real Deal recently reported.
Asking rent for the new location was in the low $60s per square foot.
Jack and Juda Srour
This will be the ninth location for Jay Suites, and the company plans to officially open it in 2019. It will include 500 workstations and six large conference rooms, and the eighth floor will feature the company’s second Jay Conference venue.
Rick Doolittle of MHP Real Estate Services brokered the transaction for both parties. He previously leased 69,000 square feet to Jay Suites at 10 Times Square.