Regus has signed an additional 36,600 square foot lease for a New York City location it has occupied for 15 years.
The seasoned office space provider has been occupying the fifth and sixth floors at 136 Madison Avenue for over a decade now, and the new lease extends its stay until 2031.
“We’ve been obviously active in our portfolio with various members of the office leasing and flex office sector,” said Michael Cohen of Colliers International. “And when the pandemic hit we started having conversations with all of them… We were determined to make these relationships work—particularly in the case of Regus, which is a publicly traded company, has about a billion dollars in revenues, is profitable, positive EBITDA and a track record. Our objective was to make a way for Regus to continue to thrive in our portfolio.”
As part of the deal, Cohen said that rent will shift depending on how the market fluctuates.
This deal is a glimmer of hope for the workspace provider, as just last month it was reported that the company would be putting multiple New York City spaces into bankruptcy.