Regus Exits Brookfield Place Lease Early
Lauren Elkies Schram June 16, 2014, 3:35 p.m.
Regus, a flexible workspace provider, has closed its business center at Brookfield Place a little more than a year after signing a 16-year lease there, Commercial Observer has learned. The company moved out of the Lower Manhattan development quietly last month, the same month of its grand opening.
“Due to a number of operational issues outside our control, Regus has closed its business center in [the building previously known as 3 World Financial Center],” Regus said in a statement. “All affected customers have been relocated to other nearby Regus locations.” That number of customers was few, said Andrew Brown, group communications director for Regus.
In February 2013, Regus signed a 16-year lease for 54,991 square feet at the 2.1-million-square-foot 200 Vesey Street between North End Avenue and West Street, National Real Estate Investor reported at the time. The firm took the entire 24th floor.
Regus has 1,800 centers in 600 cities and 100 countries, according to its website. Nearly 90 are in New York City.
Brookfield Office Properties is overseeing a $250 million renovation project at Brookfield Place, an 8-million-square-foot, multibuilding complex formerly called World Financial Center, as Commercial Observer noted in a recent profile of Ed Hogan, the national director of leasing for Brookfield.
Brookfield confirmed that Regus moved out, but declined to comment beyond that.