Jay Suites Nabs 50K SF at GFP Real Estate’s 515 Madison Avenue
By Lauren Elkies Schram September 7, 2018 11:11 am
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Jay Suites on Monday signed a lease for its ninth coworking space—50,000 square feet at 515 Madison Avenue, Commercial Observer has learned.
The shared office provider will occupy the eight, ninth and 10th floors of the 42-story office property, known as the DuMont Building, which is between East 53rd and East 54th Streets, per information provided by the new tenant.
Jay Suites will replace travel agency Protravel International on the floors, according to Richard “Rich” Doolittle of MHP Real Estate Services, who represented Jay Suites in the deal. Asking rent was in the low $60s per square foot, he indicated, and the lease is for 11 years. Jay Suites will move in in early 2019.
In Jay Suites’ new digs, there will be 500 workstations and six large corporate conference rooms, a Jay Suites release indicates. On the eighth floor, there will be food and beverage service provided in partnership with Metro Catering and Events.
“The location does not get any better,” Jay Suites President and co-Founder Juda Srour said in prepared remarks. “The trains are connected to the building!”
Doolittle said the building is good for Jay Suites because it’s “iconic” and its “floor plates cater to the office-suite user. They’re 15,000 square feet but it’s a side-core building, [meaning] the elevators are on the side, which leads to an open landscape.”
Eric Gural represented the landlord, GFP Real Estate, in-house. He didn’t immediately provide a comment.
This lease brings Jay Suites’ New York City footprint to nearly 700,000 square feet in nine locations.
