Spaces Nabs 99K SF on Far West Side

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Coworking provider Spaces has inked a deal for 99,000 square feet at 787 11th Avenue on the Far West Side, building co-owner The Georgetown Company announced.

SEE ALSO: How Georgetown Is Transforming 787 11th Avenue From Auto Shops to Office Space

Spaces, owned by IWG, signed a lease for two floors of the eight-story building between West 54th and West 55th Streets, The Real Deal first reported. The length of the lease wasn’t immediately clear. Per TRD, the asking rent was in the high $70s per square foot.

“We’re excited that Spaces has chosen to join us in this booming neighborhood where our unique building is surrounded by businesses, activities and residential areas that make this such an exciting area,” Adam Flatto, the CEO of Georgetown, said in a statement.

Mary Ann Tighe, Evan Haskell, Arkady Smolyansky, Ben Joseph and Ross Zimbalist of CBRE handled the deal for Georgetown while CBRE colleagues Mark Ravesloot, William Iacovelli and Peter Danna represented Spaces.

CBRE noted in a prepared statement that the 11th Avenue building “is a very unique asset” where Spaces will “create a lively and diverse work environment.”

The lease is the latest in Spaces picking up spaces around the city. Earlier this month, Spaces leased nearly 111,000 square feet at the Chrysler Building and in July took the entire 100,000-square-foot office portion of the former United Charities Building at 287 Park Avenue South.

“When looking for a Spaces location, we search for vibrant areas with great surrounding amenities and easy access to restaurants, entertainment, retail shops and transportation,” Michael Berretta, the vice president of network development for IWG, said in a statement. “787 11th Avenue perfectly fit all of that criteria, along with ample amenities that will help foster kinship between members and elevate workday creativity.”

Georgetown teamed up with Bill Ackman’s Pershing Square Capital Management in 2015 to buy the property for $255.5 million and got to work on converting the upper floors from auto repair shops to offices. Investors in the building include actor and former California Governor Arnold Schwarzenegger and National Basketball Association star LeBron James.