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Spaces to Increase New York City Co-Working Footprint by 101,000 SF

CL Investment Strikes Deal at United Charities Building
July 20, 2018
Spaces, a shared workspace provider, has signed a new lease for 100,613 square feet, taking down almost all of the office space in the United Charities Building at 287 Park Ave. S in the Gramercy Park submarket of Manhattan.

The nine-story office building totals 117,852 square feet. United Charities Corporation sold the building to CL Investment Group in August 2014 for $128 million, or about $1,100 per square foot, according to CoStar data.
See CoStar COMPS #3117139.

Following the sale, CL Investments had planned to convert the property into residential condominiums. The Beijing-based investment manager later decided to halt the renovation back in 2016 to focus on attracting more commercial tenants.

Alexander Radmin, Brent Ozarowski and Brian Waterman of Newmark Knight Frank represented the landlord. Kirill Azovtsev and James Wenk of JLL represented the tenant in lease negotiations.

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