Regus Continues New York Expansion at 104 West 40th Street
Office space provider Regus has signed a long-term, 30,000-square-foot lease on the fourth and fifth floors at 104 West 40th Street, continuing the company’s aggressive expansion in New York.
“We’re really looking to expand on the west side of Manhattan, filling in the dots of where we aren’t,” Grant Greenberg, spokesman, told The Commercial Observer, adding that an exact opening date has not been nailed down but late 2013 or early 2014 is likely.
Regus will pay in the mid-$40s per square foot for the space, according to data from CompStak. The building’s landlord, Princeton International Properties, was represented by Paul Amrich, Neil King and Michael Movshovich of CBRE, according to The Real Deal, which first reported the Regus lease yesterday.
As reported by The Commercial Observer, Princeton International Properties acquired 104 West 40th Street from Savanna for just over $100 million late last year. Mr. Amrich and his team were retained to market the building at the time, having worked with three different owners of the property.
Regus has been rapidly snapping up space in New York in recent months. In July, the company singed a 10-year, 23,000-square-foot lease on the 15th floor at Savanna’s 31 Penn Plaza.
It is expected that the company, with 85 locations in the New York City area, will continue to expand.
“I think we are continuing to see demand and we are continuing to see the way people work change,” Mr. Greenberg noted.