Regus Taking 34,000 Square Feet in LIC
Regus, an office suite provider, signed a 10-year lease for 34,000 square feet on the third floor of The Falchi Building at 31-00 47th Avenue in the Long Island City area of Queens, as reported by Crain’s New York Business.
The Falchi Building is a five-story, mixed-use, building with flexible layouts across its 658,049 square feet. It was built in 1922 as a warehouse and distribution facility for Gimbels, the department store that closed in 1986.
Asking rents range from $37.50 to $45 per square foot.
It will be the company’s first Queens site. Regus has more than 2,000 business centers in 750 cities worldwide, according to its website (the 2,000th was opened in Boulder, Colo. last May). Founded in 1989 in Brussels, Belgium, the company is based in Luxembourg and listed on the London Stock Exchange.
Mark Ravesloot of CBRE represented Regus in the leasing deal. A spokesman for the company did not respond to a request for comment.
Mitchell Arkin, Michael Blanchard, and Haley Fisher of Cushman & Wakefield with Greg Smith of JRT Realty Group represented the landlord, Jamestown, which bought the property for a reported $80 million in 2012.
“We see [Regus] as an incubator for our small space program in the building,” said Mr. Arkin. “Since there are relatively no competitive office suite companies in the area with the Taxi and Limousine Commission opening in the fall we imagine lawyers, judges, magistrates etc. will need small offices and with Tourneau, Unique Settings and Anaya Gems in the building small designers will have a similar need.”