Convene Inks Its Largest Lease Yet—116K SF—at 530 Fifth Avenue
By Rebecca Baird-Remba September 12, 2018 6:00 pm
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Convene has inked a big deal for its largest coworking outpost to date at RXR Realty’s 530 Fifth Avenue, the company announced today.
The office space provider signed an 11-year, 116,000-square-foot lease for the seventh through 10th floors of the 26-story building. The space at the 536,000-square-foot property between West 44th and West 45th Streets will be the first Midtown Convene Workplace location, which “provides fully serviced workspaces for entrepreneurial organizations and enterprise teams from 10 to 100 employees,” according to the release about the deal.
The offering allows tenants to take leases with terms ranging from 12 to 36 months, and the Fifth Avenue location will include event programming along with meeting rooms, concierge services, and snacks and drinks. Workplace will occupy 80 percent of Convene’s space in the building, according to Bloomberg, which first reported on the deal.
Asking rent in the transaction wasn’t disclosed.
CBRE (CBRE)’s Rocco Laginestra, Jared Freede, Michael Wellen and Stephen Siegel handled the lease negotiations on behalf of Convene and declined to comment via a spokeswoman. RXR’s Dan Birney and Alexandra Budd represented the landlord in the deal, along with Avison Young’s John Ryan, Brooks Hauf and Michael Leff. An Avison Young spokesman didn’t immediately respond to a request for comment.
“Convene spaces provide an elevated level of service and hospitality that enriches the experience for RXR’s tenants and energizes our buildings,” Scott Rechler, the chairman and CEO of RXR, said in a prepared remarks. “As we look for new services and amenities to offer tenants in the RXR portfolio, we’ll continue to partner with Convene in new and unique ways.”
The company also just opened its 20th location at 75 Rockefeller Plaza.
