Jay Suites, a shared-office space provider capitalizing on the communal space craze, has signed a lease at 315 Madison Avenue, a property owned by the Abramson Brothers between East 41st and East 42nd Streets.
First reported by The Real Deal, the company signed a lease on Tuesday for 18,000 square feet on the building’s third and fourth floors. Jay Suites plans to move into the space Feb. 1.
Jay Suites plans to have 64 private offices at the prewar property, as well as two conference rooms.
Sean Black of JLL represented Jay Suites in negotiations. The Abramson Brothers negotiated the deal in-house. The asking rent was $50 per square foot.
A spokesperson at JLL did not immediately respond to a request for comment.
The space at 315 Madison Avenue will be Jay Suites’ seventh location in New York. Other locations include 31 West 34th Street, 1370 Broadway, 369 Lexington Avenue, 1441 Broadway, 2 West 46th Street and 30 Broad Street. In the past year, Jay Suites said it has tripled its total square footage to 240,000 square feet. The company also has plans to open shared-office spaces in Washington, D.C. and San Francisco.
“We’re really excited about this area,” Juda Srour, a founder and owner of the company, told Commercial Observer. “1 Vanderbilt is being built directly across the street.”
The company is the third largest space-sharing firm in New York, second to Regis and WeWork, according to Mr. Srour.