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Wellness Coworking Firm Primary Grabs 31,000 SF at 251 West 30th

HSP Inks Largest Lease to-date Since Acquiring Bldg
February 12, 2018
Primary, a shared workspace provider that offers members on-site wellness services, has signed a 10-year lease for four floors in the Chelsea Square office building at 251 W. 30th St. in New York City.

Primary’s space encompasses 31,083 square feet on the second, third, fifth and sixth floors of the building. It will move into its new space in March 2018.

The lease is the largest signed within the property since it was acquired in April 2016 by a partnership of HSP Real Estate Group and Marciano Investment Group. HSP bought the 16-story, 120,000-square-foot, 4-Star office building for $50.45 million, or about $420 per square foot, according to CoStar data.
See CoStar COMPS #3599310.

Built in 1917, 251 W. 30th is currently undergoing renovations including the installation of ductless air conditioning and heating systems and Class E fire alarm systems, as well as modernized common areas and lobby and renovated elevator cabs. A new lounge and conference areas and secured bike storage are being planned for the building’s tenants.

"The fact that a firm focused on wellness standards in the workplace has taken such a large footprint is a testament to the great light and air surrounding the building, as well as the comprehensive renovations," said Gerard Nocera, principal with HSP.

The property sits between Seventh and Eighth Avenues, a few blocks southeast of Hudson Yards. Other tenants in place at the property include Slake nightclub and the music school Music Makers of New York. Just under 34,000 square feet remain available for lease at the property.

"The moment the tenants saw the building, they made a decision to take the space because of its incredible location," said Peter Sabesan, managing principal with Cresa's New York City office.

Peter Sabesan and Richard Selig with Cresa represented the tenant in lease negotiations. Billy Cohen, J.D. Cohen, Evan Foley and Andrew Weisz of Newmark Knight Frank’s office leasing and investment sales team represented the landlord.

Coworking, Competition

Coworking companies have pressed the pedal on leasing velocity over the past year.

Knotel in January signed to occupy all 21,600 square feet at SoHo-situated 521 Broadway, the second full building it has leased, according to the company.

The company has been very active in the 20,000-30,000-square-foot range in Midtown South, Avison Young Managing Director Mitti Liberhsohn tells CoStar News, elaborating that in 2017, Knotel executed 11 new leases in Midtown South totaling more than 200,000 square feet.

This month, WeWork announced it was adding 750 Lexington Ave. to its roster of building offerings. It currently operates 49 offices in Manhattan.

Diana Bell, New York City Market Reporter  CoStar Group   
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