Flexible workspace leader leases three floors at historic, Class A, 1.2 million-square-foot office tower
JLL has completed a new transaction for Spaces at 405 Lexington Avenue, also known as the Chrysler Building, with building owner Tishman Speyer Properties. Spaces, which offers creative, flexible workspaces, signed for 110,989 square feet of office space at the historic Class A, 1.2 million-square-foot office building tower.
Spaces was represented by Jim Wenk, executive managing director, and Kirill Azovtsev, executive vice president, both with JLL. Building owner Tishman Speyer was represented in-house by Gregory Conen, managing director of leasing, and Robert Weller, senior director of leasing.
“The Spaces team is thrilled to partner with Tishman Speyer at the world-renowned Chrysler building and add to the amenities available at the building,” said Wenk. “The firm is keen on making the Chrysler building it’s Midtown ‘mothership.’ Spaces will have a private entrance on the 42nd Street that will also serve as an experience center for existing and potential members.”
Spaces signed a 15-year lease for 110,898 square feet of office space and will occupy the seventh through the ninth floors at 405 Lexington Avenue, which is located between East 42nd and East 43rd streets. The new location will add to the company’s growing presence in New York, with three workspaces currently open across the city, three more set to open by the end of 2018, and two more openings in place for 2019.
“In today’s market, we know that scale and flexibility are crucial for a company’s growth,” said Michael Berretta, vice president of network development for IWG plc, which owns Spaces. “Nowhere in the country is this more evident than in New York City. We’re very excited to have a presence in the historic Chrysler Building, and with locations set to open in Midtown Manhattan, Hudson Yards, Staten Island, Brooklyn and Long Island City in 2018, Spaces provides options for companies of any size, in any location across the city.”
The 77-story Chrysler Building was designed by William van Alen and constructed in 1930. It was the tallest building in the world until 1931, when it was topped by the Empire State Building, but remains the tallest brick building in the world. The Chrysler Building is considered one of finest examples of the Art Deco architectural style. Tishman Speyer Properties acquired the office tower in 1998.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2017, the New York tri-state team completed approximately 40.9 million square feet of lease transactions; arranged investment sales, notes, debt and equity transactions valued at more than $1.6 billion; managed projects valued at $7.9 billion; and oversaw a property management, facilities management and agency leasing portfolio exceeding 147.8 million square feet.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
