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Deals & Dealmakers

IWG opens 58,000 s/f co-working space at 250 Park

Swiss co-working giant IWG, plc has opened its first Signature brand offering in Manhattan at 250 Park Avenue, above  Grand Central Terminal.

The new facility offers over 58,000 s/f of workspace, including four meeting and board rooms and over 200 workstations in a mix of private offices and coworking spaces.

The space includes a customizable video ceiling that will display a rotating gallery of curated works by emerging and established local artists, and a state-of-the-art security system that will streamline employee/guest check-in using Apple technology.

The opening of IWG’s flagship brand in New York City comes on the heels of strong network growth for the company, with demand up 43 percent in the US in June compared with 2019, and one million new users joining the group this year with another million committed. During the first half of 2021, IWG opened 84 locations encompassing 2.6 million square feet of space added to its global network.

Mark Dixon, founder and CEO of IWG said: “The opening of our first Signature location in Manhattan provides organizations of all sizes with the prestige of a flagship address combined with the benefits and convenience of being able to scale up and down as business needs dictate. The opening of this latest location is a demonstration of renewed confidence in the New York City market and will meet the growing demand for hybrid work solutions.”

A Cushman & Wakefield team of David L. Hoffman, Jr., Whitnee Williams and Robert L. Billingsley represented both the landlord, AEW Capital Management, and IWG in the transaction.

“AEW and IWG are very optimistic about the sustainable appeal of flexible office space in today’s environment,” said Hoffman. “250 Park Avenue will be a top location for IWG’s premium Signature brand.”

“We are particularly pleased to be working closely with our long-standing partners AEW in the repositioning of 250 Park as a five-star destination at the center of Midtown Manhattan for flexible workspaces. We couldn’t have asked for a more fitting location for the opening of our first Signature in Manhattan.” added Michael Berretta, Vice President Network Development, Americas at IWG.

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