Oct 2 2024

93,400sf leased signed at GDSNY's Met Tower

New York, NY – GDS Development Management (GDSNY) and Sabal Investment Holdings (Sabal) today announced the signing of a new agreement with International Workplace Group (IWG), the world’s largest flexible workspace organization with more than 1,500 centers in the U.S. including all 50 states, and more than 4,000 locations worldwide. The signing covers 93,400 square-feet of prime space at Metropolitan Tower (Met Tower) with International Workplace Group operating the location under its creative workplace brand Spaces.

Located at 142 W 57th Street, Met Tower is a 77-story mixed-use highrise between West 56th and West 57th Streets, which contains a mix of apartment units, office and retail space. The 531,657-square-foot highrise was completed in 1986 and contains 283,000 square feet of office space.

IWG will open floors 6 through 11 this week at Met Tower to existing and new members. The new prime Manhattan location comes on the heels of International Workplace Group adding 867 new locations globally in 2023 and posting its highest ever revenue in its 35-year history. Switzerland-based IWG offers numerous flexible workspace concepts under its umbrella to match every kind of business, work style and price point, including professional workplace brand Regus, creative workplace brand Spaces, hassle-free workplace brand HQ and luxurious workspace brand Signature. In the first half of 2024, International Workplace Group welcomed 465 new partner locations and counts 83% of Fortune 500 companies among its customer base.

“We are delighted to partner with GDSNY at Met Tower to bring our best-in-class hybrid working services and amenities to a prime strategic location in the Plaza District of Manhattan. Demand for hybrid working solutions in New York City continues to increase as companies of all sizes empower their people to work more flexibly with workers enjoying a significantly improved work/life balance, no longer needing to commute long distances daily and employers benefitting from substantial cost savings and the ability to recruit from a wider pool of talent,” said Mark Dixon, IWG Founder and CEO.

In November 2023, GDSNY and Sabal Investment Holdings (Sabal) partnered on a joint venture and asset management agreement on the 18-story office component of Met Tower. Since GDSNY and Sabal have taken ownership of this building, it has started to reposition it to meet modern workplace demands, which has resulted in brisk leasing activity.

“GDSNY is thrilled to welcome IWG to Met Tower. We continue to identify and deliver exceptional-quality commercial real estate products and workplaces to the Manhattan market, and IWG at Met Tower expands on the roster of top-quality tenants that are currently in the building,” says Michael Kirchmann, CEO of real estate firm GDSNY.