by Howard Morrel & Leslie Hirsch
57th Street Report
Looking for prime office space in the heart of Midtown? The International Workplace Group (IWG), a global leader in coworking solutions, has just signed a massive lease to take over six floors of Manhattan’s iconic Metropolitan Tower at 142 W. 57th St. This incredible 93,400-square-foot deal places IWG in one of New York City’s most prestigious skyscrapers, right on Billionaires’ Row!
A Major Move
The Switzerland-headquartered IWG will operate its new space under the creative brand name Spaces, providing flexible office solutions in the sought-after Plaza District. With over 1,500 centers across all 50 states and more than 4,000 locations worldwide, IWG continues to expand, catering to the growing demand for hybrid working environments.
Strategic Partnerships
This deal is the result of a partnership between the Nomad-based real estate firm GDS Development and Sabal Investment Holdings, a California-based company that took over the 18-story office portion of Metropolitan Tower last year. The tower itself, built in 1986, boasts 283,000 square feet of office space, with 75% already occupied. The remaining space offers great potential for tenants seeking a central Midtown location.
A Shifting Market
IWG’s lease signing comes at a pivotal moment in the office space market. With the recent WeWork bankruptcy filing and increasing office-to-residential conversions, the demand for flexible office spaces continues to rise. IWG’s founder and CEO, Mark Dixon, remains confident, stating that “the demand for hybrid working solutions in New York City continues to grow.
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