Spaces Signs 111 KSF Lease at Chrysler Building

JLL facilitated the deal between the flexible workspace company and Tishman Speyer, the owners of the historic, Class A, 1.2 million-square-foot office tower.
Chrysler Building
Chrysler Building

Spaces has signed a lease with Tishman Speyer to occupy nearly 111,000 square feet of office at the Chrysler Building, the 1.2 million-square-foot, Class A historic property in New York City. JLL secured the lease on behalf of the tenant.

Spaces will occupy the seventh through the ninth floors at 405 Lexington Ave., which is located between East 42nd and East 43rd streets. The company will enjoy a private entrance on the 42nd Street-side of the building. The new location will add to the company’s growing presence in New York, with three workspaces currently open across the city, three more set to open by the end of 2018, and two more openings in place for 2019.

“The building will enjoy an influx of mid-sized businesses that will be housed within Spaces,” Jim Wenk, JLL’s executive managing director, told Commercial Property Executive. “ It’s co-working with an experience and welcoming center on the ground floor.”

Spaces also has locations scheduled to open in Midtown Manhattan, Hudson Yards, Staten Island, Brooklyn and Long Island City this year.

“In today’s market, we know that scale and flexibility are crucial for a company’s growth,” Michael Berretta, vice president of network development for IWG plc, which owns Spaces, said in a prepared statement. “Nowhere in the country is this more evident than in New York City.”

Berretta recently spoke to CPE about Spaces’ expansion strategies in New York City and some upcoming projects.

The majestic tower

William van Alen designed the 77-story Chrysler Building, completed in 1930,  for a year the tallest building in the world—until the Empire State Building was built. However, it has kept its title as the world’s tallest brick building.

According to Wenk, Spaces is looking forward to having the Chrysler building serve as its Midtown “mothership.” “It’s one of New York City’s most iconic properties and well located near Grand Central Station,” Wenk said. “The proximity to the Grand Central commuting hub was a big appeal, as well.”

Joining Wenk on the deal was Kirill Azovtsev, JLL’s executive vice president. Tishman Speyer was represented in-house by Gregory Conen, managing director of leasing, and Robert Weller, senior director of leasing.