Co-working company Spaces takes 100K sf in Flatiron District

Co-working company Spaces, IWG Plc’s answer to WeWork, signed a lease for 100,000 square feet in the Flatiron District.

The company took the seventh through ninth floors at CL Investment Group’s 287 Park Avenue South, Commercial Observer reported. Terms of the deal weren’t disclosed, but average asking rents in the area are around $70 to $80 per square foot.

CL Investment bought the property, formerly known as the United Charities Building, for $128 million in 2014 with intentions to convert it to residential condominiums. The Beijing-based developer later pulled the plug on those plans and instead opted to renovate the building for commercial tenants.