Spaces Inks Second Park Avenue Lease

The coworking giant signed on to occupy the entire office component of an historic Manhattan building that is currently undergoing redevelopment.
287 Park Avenue South

Spaces is continuing its New York City expansion by taking up another 103,321 square feet on Manhattan’s Park Avenue. The coworking space provider signed a 15-year lease to occupy the entire office component—floors two to nine—in a CL Investment Group-owned building. 

Located at 287 Park Ave. S., the former United Charities Building comprises 121,059 square feet and is currently undergoing redevelopment. Upon completion, slated for this fall, the asset will feature an office portion with 14-foot ceiling heights and two lobby entrances, as well as a penthouse floor with 22-foot ceilings, an 85-foot-long skylight and a private roof terrace. The retail component will encompass 16,103 square feet divided into three distinct rentable areas with separate entrances.

According to PropertyShark, the historic building was completed in 1893 and underwent extensive renovations after it changed hands in 2014. Dubbed 287 Park Avenue South, the property sits in the vicinity of retailers, cafes, banks and parks, with multiple subway stations and bus lines providing easy access throughout the entire area.

JLL Executive Managing Director Jim Wek and Executive Vice President Kirill Azovtsev represented the tenant in the transaction. Newmark Knight Frank Executive Managing Director Brent Ozarowski and Associate Director Alexander Radmin acted on behalf of the landlord. Spaces has already opened three locations in the city and announced three upcoming locations by the end of the year in Brooklyn, Staten Island and the Hudson Yards megadevelopment.

Image courtesy of CL Investment Group