Co-Work Space Provider Inks 71,000-SF Expansion, Renewal in Flatiron District
Billy Gray Aug. 9, 2013, 12:06 p.m.
The co-work space provider Select Office Suites took another bite out of 1115 Broadway, expanding by 13,000-square-feet in signing a 10-year, 71,000-square-foot lease at the Flatiron District building.
SOS moved into the 1912 property in 2006 with a 24,000-square-foot deal and added additional space two years ago. The tenant now occupies the top three floors of the 12-story address.
James Buslik, a principal at Adams & Company represented both the tenant and landlord, Eleven Fifteen Associates. Asking rent in the transaction was $48 per square foot. Companies taking space from Select Office Suites include the networking platform The Ladders, Corbis Images, and The San Jose Mercury News. Elsewhere in the building are the offices of Ritz Carlton and multiple attorneys and doctors.
“We’re popular with small companies just getting started and big ones looking for swing space,” Chief Operating Officer Angela Olivo told Crain’s. “Basically anyone who doesn’t want to have to invest in their own office infrastructure, we do it for them.”
So far this year, Mr. Buslik has worked on Flatiron District transactions involving Project WorldWide and TABOOLA, Inc. He’s also been involved with several Garment District deals, including the fashion company Point Zero‘s lease of a showroom at 231 West 39th Street.
The tenant also has a 30,000-square-foot base at 116 West 23rd Street. Ms. Oliva said both locations were at 100-percent occupancy.