IWG Opens Signature Flexible Office Space Above Grand Central Terminal

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IWG is banking on New York’s reopening.

The Swiss workspace provider opened its first Signature brand location in New York City with 58,000 square feet above Grand Central Terminal, the company announced.

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IWG bills its new Signature flexible office space brand — with its debut Manhattan outpost at 250 Park Avenue — as workspace in iconic buildings across the globe, from London to Tokyo to Paris. 

The space — located on the 7th and 14th floors — is a combination of square footage occupied by IWG’s other co-working brand Regus and new space respectively, Cushman & Wakefield’s David Hoffman, part of the team that brokered the deal for both parties, told Commercial Observer. Hoffman expects the space to be fully open in five to six months.

“They were tenants there for a long time and there was a very cooperative relationship and partnership between [the landlord] and IWG,” Hoffman said. “Moreover, this is a property that is just half a block walk away from Metro-North’s North end access. It is a very desirable location for commuters.”

The new space will feature four meeting and board rooms and over 200 workstations in a mix of private offices and coworking spaces, according to a statement from IWG. The flexible office space provider is partnering with landlord AEW Capital Management in a joint venture for the new Signature location.

“We are particularly pleased to be working closely with our long-standing partners AEW in the repositioning of 250 Park as a five-star destination at the center of Midtown Manhattan for flexible workspaces,” Michael Berretta, IWG’s vice president of network development, said in a statement. 

IWG’s Regus expanded its coworking operation just months before at 14 Penn Plaza, after putting several of its New York City locations into bankruptcy last year. IWG — which also recently acquired the women-focused, coworking operator, The Wing — plans to open more locations globally, including in spaces formerly occupied by competitor WeWork, Reuters reported.

IWG’s Midtown space also includes a customizable video ceiling that will display a gallery of works by local artists, the firm said in a statement. It is also home to a security system that will allow guests to check in using Apple technology.

C&W’s Hoffman, Whitnee Williams and Robert Billingsley represented the landlord and IWG in the partnership agreement. 

Celia Young can be reached at cyoung@commercialobserver.com.