Coworking Firm Spaces Nabs 84K SF at 31 Penn Plaza
By Nicholas Rizzi January 15, 2019 4:42 pm
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Landlord the Vanbarton Group inked four office deals for a total of 117,795 square at 132 West 31st Street, also known as 31 Penn Plaza, with coworking firm Spaces making the biggest commitment with 83,840 square feet, Commercial Observer has learned.
Spaces, which is a subsidiary of IWG, signed a 15-year lease to take part of the ground floor along with the entire ninth through 11th floors of the building between Avenue of the Americas and Seventh Avenues, according to JLL (JLL), which brokered the deal for the landlord.
Asking rents in the building are $68 per square feet, a spokesman for JLL said.
“The space will provide a building-within-a-building experience for its clients with a dedicated entrance and private elevators,” JLL’s Mitchell Konsker, who handled the deal for the landlord along with Matthew Astrachan and Adam Haber, said in a statement. “The provider of creative, flexible workspaces is opening a new Midtown office at the building and will gain a tremendous branding opportunity on the exterior of the building.”
JLL’s Jim Wenk, Brannan Moss and Kirill Azovstev brokered the deal for Spaces.
Spaces plans to move into its new digs in the middle of the year after it finishes the buildout of the new offices, the JLL spokesman said.
Aside from Spaces, Vanbarton also signed deals with pharmacy Capsule, lending platform The Credit Junction and digital promotions company RevTrax.
Capsule inked a six-year lease to relocate its headquarters from 127 West 26th Street to 20,726 square feet in 31 Penn Plaza, according to JLL. The retail pharmacy, which already moved into its new digs, took part of the seventh floor. JLL’s Konsker, Astrachan and Haber handled the deal for Vanbarton while Capsule was represented by Gabe Marans and Justin Greenstone of Savills Studley.
“Following a period of sustained growth, Capsule needed a workplace that fulfills its immediate needs and allow for future expansion,” Marans said in a statement. “We fully engaged the market and uncovered an off-market sublease opportunity that we turned into a direct deal with the landlord.”
In the smaller deals, The Credit Junction signed a three-year lease to expand its current space on the 13th floor by 6,706 square feet and RevTrax inked a five-year one for 6,523 square feet on the sixth floor.
