Co-Working Company Opens First Philly Office

The Amsterdam-based firm Spaces signed a 37,735-square-foot lease at the recently restored Hale Building. CBRE acted on behalf of the tenant, while the owner was represented in-house.

Rendering of the Hale Building, Philadelphia
Rendering of the Hale Building, Philadelphia

Spaces, a co-working company headquartered in Amsterdam, opened its first Philadelphia office at the iconic Hale Building, where it leased a 37,735-square-foot space. The asset is located at 1326 Chestnut St., in the heart of the Center City district. CBRE First Vice President Stephen Kriz represented the tenant in the transaction, while the owner was represented in-house by Mark Merlini.

With the co-working industry in Philadelphia achieving substantial growth, Spaces is entering the market at an exciting time and will compliment an already vibrant scene in Midtown Village. Given the abundance of new restaurants and retail east of Broad Street, as well as the expanding apartment developments, this location was a natural,” Kriz said in a prepared statement.

Historic Building Gets Makeover

According to PropertyShark, the 51,520-square-foot asset comprises six floors of office space and two floors of restaurant and retail space. Amenities include state-of-the art operating systems, open floorplans and workspaces, a bike storage room and a 1,600-square-foot rooftop deck. Built in 1887, the Hale Building was designed by Willis Hale and features a High Victorian design. It previously served as a theater, a Turkish bath house and health club in the 50s and after that it stood vacant, declining until the current owner purchased it in 2016. The property is being renovated by Brickstone Realty, an affiliate of the owner.

The Philadelphia landmark is surrounded by restaurants and bars, retailers, hotels, theaters and art galleries. Additionally, the building is in close proximity to the City Hall Station transportation hub that offers connections to areas throughout the city.

Image rendering via thehalebuilding.co