Shared Office Space Provider Expands in New York City

By Veronica Grecu

As the shared workspace industry is booming across the U.S., Jay Suites is on track to become one of Big Apple’s largest co-working space providers. The company has announced plans to open its first executive business center in Manhattan, expanding its New York City footprint to more than 250,000 square feet of luxury office suites and co-working space.

369 Lexington Ave.

Jay Suites’ expanded Grand Central location will now offer 23,000 square feet of flexible-term space on the 2^nd and 3^rd floors of Triangle Assets’ 28-story office tower at 369 Lexington Ave. Set for grand opening in May 2017, the Grand Central location will feature two luxuriously furnished, fully-equipped conference rooms and 67 office suites ranging in size from single to larger team rooms, as well as lobby and reception areas.

“Jay Suites Grand Central was our first location so we’re more than excited to launch the expansion. We are constantly improving and adding value for our members,” said Chief Operating Office Jack Srour in prepared remarks. “Our all-inclusive packages, superior personalized service and meticulously designed business centers are perfect for entrepreneurs looking for both a higher level of service and an upmarket workspace without the long commitment and high rental rates associated with NYC commercial real estate, features essential to today’s entrepreneur,” he added.

Completed in 1937, the 118,587-square-foot tower at 369 Lexington Ave. includes 20,000 square feet of ground floor retail space and is conveniently situated just steps away from Grand Central Terminal. The building was purchased by Triangle Assets for nearly $46 million from Macklowe Properties in May 2004. The list of tenants includes California Cryobank, Metropolitan property Group, Links of London and NGN Capital. According to property data provided by Yardi Matrix, Jay Suites pays $43.13 per sq. ft. annually here.

Image courtesy of Yardi Matrix