Jay Suites Renews 60K-SF Offices at 515 Madison Avenue
By Amanda Schiavo January 16, 2025 11:57 am
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Jay Suites and Jay Conferences, which provide flexible and on-demand office and conference space, has signed a 12-year renewal to keep its 60,000 square feet at 515 Madison Avenue in Midtown.
The company moved into GFP Real Estate’s 42-story office tower, also known as The Dumont Building, in 2019, occupying the eighth and ninth floors with its coworking space. The 10th floor is home to Jay Conferences, which is meant to cater to clients’ corporate events and large-scale meetings.
“This is our only location in the Plaza District, and it’s a critical hub for our clients,” Jack Srour, co-founder of Jay Suites, said in a statement. “Our flexible workspace booking platform allows us to capture a great deal of business by leveraging technology and marrying it with physical real estate like 515 Madison Avenue, providing tailored solutions that meet the dynamic needs of today’s professionals.”
GFP’s Jeffrey Gural represented both the landlord and the tenant in the transaction. Asking rent was not disclosed, however the average asking rent for Midtown office space was $82.13 per square foot in the fourth quarter of 2024, according to the latest CBRE data.
“Jay Suites and Jay Conference have been exceptional tenants at 515 Madison Avenue since 2019, bringing a unique combination of premium coworking and conference solutions to the Plaza District,” Gural said in a statement. “Their ability to adapt to the evolving needs of businesses and deliver high-quality office and conference spaces has made them a valued partner.”
Jay Suites was founded in 2008 and currently has 10 locations around the city, according to its website. In August, it dropped $35 million to buy the office building at 8 West 38th Street where it plans to occupy a full floor.
Other tenants of 515 Madison Avenue include Texas-based property manager Dayrise Residential, private equity firm Blackbern Partners and the dental surgery practice of Robert W. Berg.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
