After two decades at 14 Wall St., coworking operator Regus decided to ink a new long-term deal in the IBE Trade-owned building. The company is set to occupy roughly 37,000 square feet of office space across the entire 20th floor of the property. The asking rent was $50 per square foot, and the lease agreement will be extended for 10 more years.
Colliers’ John Pavone and Michael Cohen brokered the deal on behalf of Regus.
“We at Colliers are grateful to have Regus’ parent — IWG, the only international, publicly traded and profitable office suites company — as our client,” Cohen said. “Their 20-plus year history at 14 Wall Street is an example of their successful and enduring business strategy.”
“Given the property’s historical significance, as well as ownership’s commitment to tenant service and providing the highest-quality space in the Financial District, 14 Wall Street is one of the neighborhood’s most sought-after business addresses,” said CBRE’s Bradley Gerla, who represented the owner during negotiations, along with Jonathan Cope, Mike Rizzo and Masha Dudelzak. “Regus has been a long-term tenant in the property and, while the firm had a number of other office space options, 14 Wall Street proved the ideal fit for the high-quality services they provide to their clients.”
Located within the Financial District building between Broadway and Nassau Street, 14 Wall St. is a 37-story high-rise totaling 1.1 million square feet of prime Manhattan office space. Constructed in 1910 for Bankers Trust Co., it was acquired by IBE Trade in 2012 for $294 million.
The property’s current tenant roster includes the likes of nonprofit Oliver Scholars, insurance company Aflac, and Superstructures Engineers + Architects.
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