Regus Expands Footprint With 23K SF in Chelsea
Regus, the global office-sharing giant that already has multiple locations in New York City and the greater metropolitan area, has signed a 10-year lease for 23,000 square feet in Chelsea, according to The Real Deal.
The company will occupy the entire sixth floor at 112 West 20th Street between Avenue of the Americas and Seventh Avenue. The property is owned by the Kaufman Organization, which has 48 buildings throughout the tri-state area in its portfolio.
TRD reported that Dan Suozzi and Jim Wenk of JLL represented Regus. JLL did not immediately respond to Commercial Observer’s request for comment.
Steven Kaufman, Barbara Raskob and Yvonne Chang represented the Kaufman Organization in negotiations.
“Jim Wenk from JLL brought them [to us],” said Mr. Kaufman. “They’re financially very strong. They’re the leader in their industry.” He noted that there were previously four empty floors with 23,000 square feet each at the building; Regus took one and Hudson Furniture took another. Kaufman Organization is hoping to lease the other two imminently.
Asking rents at the property were $58 per square foot.
In March, Commercial Observer reported that Regus signed a 34,000-square-foot lease at the Falchi Building in Long Island City.
Regus certainly has competition in the New York co-working space market these days; in the past month, rival WeWork signed leases for 136,118 square feet at 315 West 36th Street and 72,000 square feet at 77 Sands Street in Dumbo.