The Chrysler Building/ photo by Betsy Kim
NEW YORK CITY—Spaces has inked a deal with Tishman Speyer Properties to lease 110,989 square feet at one of the architectural landmarks that has come to symbolize New York City—the Chrysler Building.
Under the 15-year lease, the creative, flexible workspace provider will occupy the seventh through ninth floors. Spaces will open its offices in the art deco building at 405 Lexington Ave. early in the second quarter of 2019. The asking rent is $65 per square foot.
“In today's market, we know that scale and flexibility are crucial for a company's growth,” says Michael Berretta, VP of network development for IWG plc, which owns Spaces. “Nowhere in the country is this more evident than in New York City.”
Spaces' website notes in the Big Apple it will open a location in Hudson Yards at 424-434 W. 33rd St. later this month, and one in Flatbush, Brooklyn at 41 Flatbush Ave. in October 2018. It lists three other locations in the following buildings: 230 Park Ave. in Manhattan's Midtown East; 31-00 47th Ave. in Long Island City, Queens; and 1740 Broadway in Manhattan's Midtown West. The company earlier this summer leased more than 100,000 square feet at 287 Park Ave. South. It also just announced leasing 33,192 square feet at 413 W. 14th St.
Spaces has a worldwide presence. Its website as of this morning also lists planned or opened locations in the following numbers of buildings for each of these geographic regions: 87 in Europe and Africa; 61 in North America; 34 in Asia and the Pacific; and 10 in Latin and South America.
The Chrysler Building's entrance at 405 Lexington Ave./ photo by Betsy Kim
Jim Wenk, executive managing director, and Kirill Azovtsev, EVP, both with JLL, represented Spaces in the Chrysler Building deal. Building owner Tishman Speyer was represented in-house by Gregory Conen, the managing director of leasing, and Robert Weller, the senior director of leasing.
“The Spaces team is thrilled to partner with Tishman Speyer at the world-renowned Chrysler Building and add to the amenities available at the building,” says Wenk. “The firm is keen on making the Chrysler Building its Midtown 'mothership.'”
William van Alen designed the 1.2 million square-foot, 77-story office tower. It was constructed in 1930. The structure was the tallest building in the world until 1931 when the Empire State Building exceeded it in height.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
