Spaces Takes 40 KSF in Atlanta Office Campus
- May 23, 2019
The fast-growing flexible office sector has notched another deal, with coworking firm Spaces agreeing to take up 40,000 square feet at The Collective at Concourse, a Class A office campus in Atlanta. The location will be the Regus sister brand’s sixth venue in and around the Georgia capital.
Spaces inked the lease with CBRE Global Investors, which owns the set of three mid-rise buildings located at 1, 2 and 4 Concourse Parkway. The lease includes the entire eighth floor of Building 1, as well as conference space in its lobby. The company expects to complete its build-out in November.
Jeff Keppen and Nicole Goldsmith of CBRE represented the owner in the lease deal, while Brannan Moss and Shad Rounds of JLL represented the tenant.
CBRE Global Investors acquired the 751,093-square-foot property at the end of 2017 and is overseeing a $6 million capital improvement project aimed at creating a collaborative work environment. The investment management arm of CBRE Inc. announced earlier this year that it would be introducing its new amenity concept A&B to the campus, among other properties throughout the U.S.
Built during 1984 and 1986, the revamped trio of office buildings in Atlanta’s Central Perimeter market will include atrium-style lobbies with collaboration spaces, new conference centers, and a green space for community events. The property on a 63-acre site also integrates a 4-star Westin hotel and offers shuttle service to the Dunwoody and Sandy Springs MARTA stations.
Shared office rivals expand
Founded in 2008 and acquired by office group Regus—now IWG—in 2014, Spaces has branched out beyond its home city of Amsterdam to more than 250 cities around the world, and now has more than 50 locations across the U.S. Last September, the company signed up with Tishman Speyer to occupy nearly 111,000 square feet at the Chrysler Building in Manhattan.
The latest Spaces announcement comes in the same week that rival WeWork revealed it had signed for 52,477 square feet at the Manhattan office building 550 Seventh Ave. The world’s largest flexible office network will occupy five floors—8, 9, 14, 21 and 22—in the 23-story building owned by Adler Group.
The brand will set up a Headquarters by WeWork venue at the location, allowing member companies to create private, customized offices, in contrast with traditional coworking. WeWork has now announced more than 40 locations for the product across North America.
Just last week, WeWork said it will bring the offering to a 50,000-square-foot space at 30 Wall St. in Manhattan’s Financial District. The shared workspace giant, which has filed for an IPO, also recently signed coworking leases totaling 75,000 square feet in downtown San Antonio.