JLL has completed a new transaction for Spaces, a leading provider of creative, flexible work environments, at 287 Park Avenue South, formerly known as the United Charities Building, with building owner CL Investment Group. Spaces, signed for 103,321 square feet of office space at the historic Class A, 121,059-square-foot mixed-use building. Spaces was represented by Jim Wenk, executive managing director, and Kirill Azovtsev, executive vice president, both with JLL. Building owner CL Investment Group was represented by Brent Ozarowski, executive managing director, and Alexander Radmin, associate director, with Newmark Knight Frank. “The redevelopment of 287 Park Avenue South presented a rare opportunity for Spaces to take over an entire building in the heart of Silicon Alley,” said Wenk. “A combination of best-in-class tenants in the surrounding area and the many amenities and features of the building make this an ideal location. Once the redevelopment is completed, the office tower will feature a penthouse floor with 25-foot ceilings, an 85-foot-long skylight and a large roof terrace for Spaces members. It was a true team effort by all parties involved that resulted in this remarkable outcome.” Spaces signed a 15-year lease for 103,321 square feet of office space and will occupy the second through the ninth floors at 287 Park Avenue South, which is located between East 22nd and East 23rd streets. The new location will add to the company’s growing presence in New York, with three workspaces currently open across the city and three more set to open by year-end. “In today’s market, we know that scale and flexibility are crucial for a company’s growth,” said Michael Berretta, vice president of network development for IWG plc, which owns Spaces. “Nowhere in the country is this more evident than in New York City. With locations set to open in Midtown Manhattan, Hudson Yards, Staten Island, Brooklyn and Long Island City in 2018, Spaces provides options for companies of any size, in any location across the city.” CL Investment Group acquired 287 Park Avenue South in 2014. The company gutted and renovated the building to cater to tech and creative firms flocking to the Midtown South market. It features windows surrounding all four façades, as well as a large arched window on the East 22nd Street façade. The office portion of 287 Park Avenue South, totaling 103,321 square feet, has 14-foot ceilings and two lobby entrances. The penthouse floor has 22-foot ceilings, an 85-foot-long skylight and a private roof terrace. The property also offers 16,103 square feet of dedicated retail space, with a formal address of 101 East 22nd Street. The retail portion is divided into three rentable areas, each with a private entrance. JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2017, the New York tri-state team completed approximately 40.9 million square feet of lease transactions; arranged investment sales, notes, debt and equity transactions valued at more than $1.6 billion; managed projects valued at $7.9 billion; and oversaw a property management, facilities management and agency leasing portfolio exceeding 147.8 million square feet. About JLL JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Spaces has signed a 15-year lease for approximately 40.9 million square feet ft of space at the United Charities Building in Staten Island , formerly known as the United Charities Building . The Spaces location adds to the co-workspace operator's growing presence in New York , which numbers two centres at present with three more due to open by the end of the year .