|
Getting your Trinity Audio player ready...
|
By: Hellen Zaboulani
The former We-Work space on three floors of the building at 205 Hudson St., will survive as co-working space—but under a different business model. As reported by Realty Check, the 63,000 square feet of space, formerly leased off by WeWork, will become the first New York location for The Square— a landlord-managed flexible workspace facility. The Square’s business model is slightly different and some sections will be redesigned, but it is still co-working space. Hines, which owns the boutique office building in a joint venture with Trinity Church Wall Street and Norges Bank Investment Management, will make direct licensing agreements — similar to leases — with users, for as little as several hours or as long as several months. By contrast, WeWork had itself leased blocks of space and then subleased to their clients. The Square already has similar flexible workspaces in Washington, DC, Houston, TX, Salt Lake City and Mexico City.
The 63,000 square foot space will be opening this summer. Annie Draper, Hines’ director of workplace services, said, “It’s clear there is a universal shift towards greater flexibility, and Hines is leading the way in redefining the office model and creating new products that cater to our clients’ needs.” She added, “The Square is a vertically integrated flexible workspace that combines the highest-quality amenities and services. As demand for a diverse array of workspace options has become increasingly essential, we’re thrilled to bring this offering to New York City.”
The Square space can accommodate up to 700 people. It offers “enterprise” suites for larger teams of 25 to 100 employees. It offers medium size “flex” suites, for teams of 10-25 people, starting at about $7,500 monthly, per the Square’s website. It offers small private offices, for 1-10 persons, starting at $700 per month. Also offered are on-demand short-term facility rentals. All users gain access to the building’s food and beverage offerings including daily breakfast and snacks, mail and package services, Wi-Fi and unlimited printing, a dedicated staff, and common spaces — including a rooftop lounge. The building also has a fitness center, wellness rooms, enhanced HVAC standards, event programming, in addition to event space, private meeting rooms and private phone rooms and a brand new Fogarty Finger-designed lobby.
Per the Post, the 200,000 square-foot building is part of Hines’ 13-building Hudson Square portfolio, spanning a total of roughly six million square feet. The building, situated in the Northern portion or Tribeca, is located at the intersection of Canal and Hudson Streets, within a short walking distance of the no.1, A, C, and E subway lines. The 12-story tower boasts views of Midtown Manhattan. The building was constructed in 1928, and was renovated in more recent years. Other tenants at 205 Hudson St. include event space Tribeca Rooftop, CUNY, Headway and Serhant.
The co-work place concept still has its allure, despite WeWork’s downfall. Particularly for small business, the fully furnished flexible lease-term space can be a boon.
