IWG is switching up original plans for a Spaces location in Westside Atlanta, and is transforming it into a new luxury brand instead.
The 56,000 square foot office at the Star Metals District office building will now become a Signature by Regus product instead. Signature differs from Spaces in that it is a coworking operation that offers five-star hotel-like amenities.
IWG will begin building out the space across the eighth and ninth floors once development firm Allen Morris Company completes construction on the 14-story office component this month. The entire project consists of the 267,000 square feet Star Metals office building, a 409-unit apartment complex and a pad site for a future hotel.
The deal will be completed through a joint venture, where the coworking operator signs a lease with minimum rent payments and the developer will share a percentage of the location’s revenue.
“It originally was a straight lease and it included ground-floor [space]. A lot of the economics remain the same,” said W. Allen Morris, CEO of Allen Morris Co. “We’ve had a long relationship with Spaces and IWG in other places. And we’re working on multiple other locations with them as well.”
