Coworking provider Spaces has recently signed a lease for 99,000 square feet of Manhattan office space at 787 11th Avenue. A former Packard car showroom, the building is currently undergoing major renovations and will soon house high-end offices as well.
Originally designed by American architect Albert Kahn in 1929, the Art Deco building at 787 11th Avenue is now being transformed by Rafael Viñoly. Plans include a new lobby, floor-to-ceiling windows and a double-height, industrial-style space that will feature the original columns. Moreover, a two-story glazed structure will be added at the top of the building, expanding the total floor area to 37,161 square feet. While the first five floors will host car dealerships and repair shops for Jaguar and Land Rover, the upper levels are reserved for open-plan offices.
Spaces, owned by IWG, will take over two floors in the building, including the double-height area on the sixth floor. Asking rent for the space was in the high $70s per square foot, according to The Real Deal. With this deal, the firm now boasts five New York City locations. Last month, it inked a lease for 110,000 square feet in the Chrysler Building.
“When looking for a Spaces location, we search for vibrant areas with great surrounding amenities and easy access to restaurants, entertainment, retail shops and transportation. 787 11th Avenue perfectly fits all of those criteria, along with having ample amenities that will help foster kinship between members and elevate workday creativity,” Michael Berretta, the Vice President of Network Development for IWG, told the Commercial Observer.
The Georgetown Co. and Bill Ackman purchased the property for $255.5 million in 2015. Earlier this year, they brought in actor and former Governor of California Arnold Schwarzenegger and NBA star LeBron James as investors. In 2017, real estate finance and investment firm Dwight Capital signed a lease for 20,000 square feet in the building.
Mary Ann Tighe, Evan Haskell, Arkady Smolyansky, Ross Zimbalist and Benjamin Joseph of CBRE handled the deal on behalf of the owners. Another CBRE team, consisting of Mark Ravesloot, William Iacovelli and Peter Dana, represented Spaces.