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Co-working startup Workville to double space at 1412 Broadway

People & Companies / Latest News

United States of America

May 05 2017

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Mark Maurer

As a flurry of co-working companies shutter locations across the city, Workville is close to a deal doubling the size of its sole space, at 1412 Broadway in the Garment District, sources told The Real Deal.

Workville is finalizing a deal to amend its existing lease with an additional 14,000 square feet across the full 22nd floor, bringing its total in the building to 28,000 square feet. The startup will now occupy the 21st and 22nd floors of the 24-story, 415,000-square-foot building at the corner of West 39th Street, owned by Isaac Chetrit’s AB & Sons and Charles Aini.

Notably, the startup is replacing a competing shared-office space company, Grind, which closed the location and gave the space back to the landlords earlier this year, with several years remaining on the lease.  Sources had said at the time that Grind butted heads with Chetrit and Workville, in which Aini is an investor.

Last year, Aini and his partners – brother Ezra Aini and investor-broker Dori Jack Dashti launched Workville and signed a 10-year lease for the 21st floor. The second floor is for nine years. Workville charges its members a monthly rate of up to $750 a seat.

Asking rent for the spaces is about $55 per square foot, which is market-rate rent for the area.

TRD reported earlier this week that Work Better is closing its 21,000-square-foot space at 1440 Broadway after 10 years. Despite the recent closures, Grind and Work Better still have other locations in the city.

Dashti said the recent string of closures of co-working locations is a “natural correction.” He added the expanded space will feature about 80 percent open-floor plan and 20 percent closed.

SOURCE: The Real Deal


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