CBRE announced today that Spaces, a coworking company that originated in Amsterdam, signed a 61,539-square-foot lease at 175 Pearl Street in the DUMBO neighborhood of Brooklyn. Spaces, which is owned by IWG, will occupy part of the ground floor and the entire second and third floors at the Normandy Real Estate Partners property beginning in early 2019. This deal marks the second New York City deal signed by Spaces this month, evidencing the dynamic growth of the brand in this market; the company signed a lease for 100,000 square feet at 787 11th Avenue.
CBRE’s Mark Ravesloot, Scott Sloves and Peter Danna represented the tenant in the deal, while their CBRE colleagues Neil King, Patrice Meagher, Paul Amrich, Jeff Fisher and Sacha Zarba represented Normandy.
“Spaces targeted DUMBO for its second location in Brooklyn due to the popularity of the area with its members, the 24/7/365 nature of the neighborhood and its great amenity base. 175 Pearl Street offers the most central location in DUMBO in relation to subways to Manhattan and to the rest of the borough,” said Ravesloot of CBRE. “Spaces will have its own private street entrance, a café and access to the building’s rooftop, which has sweeping views of Manhattan and the Brooklyn Bridge.”
King of CBRE continued, “Building upon its successful track record of transforming commercial properties, Normandy strategically repositioned 175 Pearl Street as a Class-A creative space to fit the needs of a multitude of creative tenants. The renovations and upgrades made by Normandy created a high-end atmosphere in a central location, which helped attract Spaces to the property. We look forward to welcoming the company and its future tenants to the DUMBO neighborhood.”
“New York City and its surrounding boroughs remain a key focal point in our U.S. expansion plan. As we continue to grow Spaces’ presence in the area, opening a second location in Brooklyn was a natural next step,” said Michael Berretta, VP of Network Develop for IWG. “175 Pearl Street is the ideal spot for our next Brooklyn outpost. The location offers ample amenities with proximity to Manhattan along with excellent transportation access.”
175 Pearl Street is a 204,000-square-foot property located in DUMBO, Brooklyn. Under the ownership of Normandy Real Estate Partners, the eight-story building was recently converted into Class-A creative space, having undergone a major capital improvement project. All building systems have been replaced and upgraded, a new modern elevator core has been constructed and future renovations will include the expansion of windows, the construction of a rooftop amenity space and additional improvements to the lobby and ground-floor retail spaces. 175 Pearl Street is located one block from the A/C High Street subway station, three blocks to the F train’s York Street subway station and is situated just off of the Brooklyn Queens Expressway.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
