NEW YORK CITY—The newest lease signing by Regus—the shared office space provider—in Long Island City, provides a big endorsement for the increasingly popular area and for Jamestown LP, the landlord for the site.
Earlier this week, Regus agreed to open an almost 34,000-square-foot location in Sept. at the Falchi Building, an approximately 600,000-square-foot office building that had been an industrial location. The lease is for 10 years and is the company's second one in Queens. The other site, which only opened recently, is in Forest Hills.
“This is a fabulous statement for Long Island City and particularly the Factory District—where the Falchi Building is located—because it shows large companies have confidence in the area's acceptance and prospect for growth,” Cushman & Wakefield executive director Mitch Arkin, who represented Jamestown in the deal, tells GlobeSt.com.
“For Falchi,” he adds, “it's a great incubator for the building's small space program when those companies are ready to grow into larger quarters.”
The new space features some unique amenities that boosted the site's appeal to the tenant, CBRE vice chairman Mark Ravesloot tells GlobeSt.com.
“Jamestown has brought some artisanal restaurants into Falchi; each one has a special bent. That suited the image that Regus was looking for. The space will be a very open co-working environment, like some of its other more creative locations in Midtown South.”
In the new Queens site, Ravesloot continues, “There's more of an emphasis on millennials and the creative class becuase that's a lot of the demographic in the area.”
Regus does careful homework before choosing a location, he says, and the Long Island City market was clearly ripe for one of the company's facilities, he says.
“Long Island City was a target area because there's been tremendous growth on the residential side. There's something like 8,000 to 10,000 units coming, so Regus felt like it was coming in on the ground floor.”
During a recent industry event, LIC Business Improvement District chairman David Brause—who also serves as president of Brause Realty—said of the Falchi building: “What Jamestown did for Chelsea Market in Manhattan is what it's going to do with the Falchi Building,”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
