Flexible Office Provider Primary Signs for 49K SF to Expand in FiDi
Primary, a co-working company that promotes health and fitness, has signed a 48,873-square-foot deal at Chetrit Group’s 26 Broadway to expand its operations within the Financial District building, Commercial Observer has learned.
The company, which has 25,000 square feet on the majority of the eighth floor of the 32-story tower at the corner of Beaver Street, is adding the entire third floor to bring its footprint to 73,873 square feet. The asking rent in the 10-year deal was $47 per square foot, according to Lisa Skye Hain, a co-founder of Primary. The new space will open in the summer.
The new digs will have approximately 130 shared office suites and be able to accommodate about 500 new people. Some of the office suites will be able to fit 30 employees, allowing for more mid-size companies to have access to Primary as its current eighth-floor digs can only accommodate up to 12-person firms.
Also the eighth floor, which is the company’s lone location and home to Primary’s own offices, can fit a maximum of 300 people. As the service has been popular, the founders thought it best to expand in the building rather than opening a new location nearby.
“We’ve had tremendous success in the eighth floor and we love this location,” said Skye Hain, who co-founded the company with her husband, Brian, and business partner Daniel Orenstein.
And now, she added: “We are looking to expand in [other parts of] Manhattan, too. Our plan is to add another two to three locations in the city this year.”
As part of its focus on health and fitness, Primary offers a range of classes for its members, such as yoga, meditation and boot camp-style exercises, in its 600-square-foot studio space on the eighth floor. The studio is moving to the third floor and will be expanded to 1,000 square feet. The eighth-floor studio space will be tacked onto the café. Primary sells health snacks, including vegan pastries, coconut water and fresh juices to its members.
“Like Facebook and Google does for its employees, we are giving that access [to wellness] to our members,” Skye Hain said. “Our mission is to create a space where people can feel great and work their best.”
Jonathan Mines of The Mines Group, who represented Primary in the deal, did not return a request for comment. And Newmark Knight Frank’s Howard Kesseler and Jamie Jacobs, who handled the deal for the landlord, did not respond to a request seeking a statement.