Alexandra Farcas 
Coworking firm Spaces signed a lease for 83,840 square feet of Chelsea office space at 132 West 31st Street, also known as 31 Penn Plaza. The IWG subsidiary will remain here for the next 15 years. The landlord, Vanbarton Group, inked three other leases in the building.
Spaces will take over part of the ground floor, as well as the entire 9th through 11th floors in the 432,000-square-foot 31 Penn Plaza. The company plans to move into the new offices later this year, after it completes the buildout. Spaces continues to expand its footprint in Manhattan, after it took 99,000 square feet at 787 11th Avenue and 110,000 square feet in the Chrysler Building in September last year.
A JLL team consisting of Jim Wenk, Brannan Moss and Kirill Azovstev represented the tenant in the deal, while Mitchell Konsker, Matthew Astrachan and Adam Haber from the same firm represented the owner. The asking rent in the building is $68 per square foot, according to the Commercial Observer.
“The space will provide a building-within-a-building experience for its clients, with a dedicated entrance and private elevators,” said Konsker. “The provider of creative, flexible workspaces is opening a new Midtown office at the building and will gain a tremendous branding opportunity on the exterior of the building.”
Vanbarton also signed three other leases in the building with retail pharmacy Capsule, lending platform The Credit Junction, and consulting firm RevTax. The four deals amounted to 117,795 square feet. Capsule has already moved its headquarters from 127 West 26th Street to the new 26,726-square-foot space at 31 Penn Plaza. The Credit Junction expanded its current space in the building by 6,706 square feet, while RevTax signed a lease for 6,523 square feet.
