Coworking Provider Jay Suites Takes 60K SF in Chelsea for 10th Outpost
By Celia Young November 11, 2022 12:37 pm
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Coworking provider Jay Suites scored a “suite” deal for a 60,000-square-foot Chelsea outpost.
Jay Suites signed a 16-year lease for 40,000 square feet of coworking space and 20,000 square feet for its conference rental company, Jay Conference, on the second through fifth, seventh and eighth floors of 159 West 25th Street, according to co-founder Juda Srour. Asking rent was $30 per square foot.
The firm’s 10th location will also sport a rooftop work and meeting space when it opens in the second quarter of next year, Srour said.
“We have wanted to get into the Chelsea market for a number of years,” said Srour, who co-founded Jay Suites with his brother Jack Srour in 2018. “Giving us the rooftop concept to attract workers back to the office was key. These days we are definitely big on amenities.”
Srour’s business is also big on growing. The firm inked a deal for a 50,000-square-foot coworking space at The Trump Organization’s 40 Wall Street in July and a 40,000-square-foot location at 104 West 40th Street in August. Its Chelsea lease comes after one of Jay Suites’ largest competitors, WeWork, announced it would ditch 40 underperforming U.S. outposts and shrink its Brooklyn headquarters at Dock 72.
Jay Suites will join RAND Engineering & Architecture, the only other office tenant at the 12-story building owned by Arline Hannon-Weinmann, Srour said.
City Connections Realty’s Barry Fields represented Jay Suites in the deal while AKAM’s Brett Rovner handled it for the landlord. Fields and Rovner did not immediately respond to requests for comment.
Celia Young can be reached at cyoung@commercialobserver.com.
