--Global co-working firm re-ups for two full floors in boutique office building in heart of Midtown South--
Williams Equities announced today that it has arranged a long-term, 36,600-square-foot extension at 136 Madison Avenue, with global co-working giant Regus occupying two full floors in the ownership group’s boutique Midtown South property.
Regus already occupies the building’s entire 5th and 6th floors through an existing lease. The new transaction between Regus and Williams Equities extends the term through 2031. Regus is a subsidiary of IWG PLC.
“Regus is a clear co-working industry leader and globally valued brand,” a Williams Equities spokesperson said. “As a publicly traded company and profitable in 2019, Regus is unique in the sector. This new transaction represents our confidence they will emerge from their restructuring as a powerhouse and signals our hope that the relationship between our portfolio and Regus will continue long into the future.”
The brokerage team of Michael T. Cohen, President, and Andrew Roos, Vice Chairman, both with Colliers International Tri-State, represented both Williams Equities and the tenant in the transaction.
“I am particular proud of the long-standing relationship we have had at the building over the last fifteen years,” said Michael Berretta, Vice President Network Development North America, IWG PLC. “Michael Cohen and his team have been excellent to work with in an incredibly difficult period. Having our building owners work with us as partners is a critical part of the new trends evolving in commercial real estate and flexible workplaces. We are confident that the future market opportunity will continue and are very pleased to be able to showcase 136 Madison in our global portfolio offering.”
Cohen, who noted the deal structure on the extension aligns the interests of Regus and Williams Equities and keeps those two full-floors occupied through this volatile market cycle, added that Regus also has access to the newly renovated 10,000-square-foot roof deck with private elevator and spectacular views of the Empire State Building and the Chrysler Building, a building-wide amenity available to all tenants.
The property’s entire 18,364-sf 16th floor, with copious light and easy access to the roof deck, is available for lease, with possession as early as January 2021.
Located in the heart of the bustling NoMad District between 31st and 32nd Streets, 136 Madison Avenue is Williams Equities’ elegant, 17-story, 300,000-square-foot, turn-of-the-century property including a dramatic and meticulously restored 16-foot-high, art deco entrance on Madison Avenue, museum-quality lobby, elegant concierge desk that is attended 24 hours per day, new passenger elevators, and right-sized floor plates.
The property’s diverse roster of tenants includes those in new media, technology, education, healthcare, and financial services, such as Syracuse University’s Fisher Center, Wacoal, Bernhardt Furniture, Wacoal, and Green Key, among others.
