Convene Inks Its Largest Lease Yet—116K SF—at 530 Fifth Avenue

By Rebecca Baird-Remba, Commercial Observer

The office space provider signed an 11-year, 116,000-square-foot lease for the seventh through 10th floors of the 26-story building. The space at the 536,000-square-foot property between West 44th and West 45th Streets will be the first Midtown Convene Workplace location, which “provides fully serviced workspaces for entrepreneurial organizations and enterprise teams from 10 to 100 employees,” according to the release about the deal.

The offering allows tenants to take leases with terms ranging from 12 to 36 months, and the Fifth Avenue location will include event programming along with meeting rooms, concierge services, and snacks and drinks. Workplace will occupy 80 percent of Convene’s space in the building, according to Bloomberg, which first reported on the deal.

Asking rent in the transaction wasn’t disclosed.

CBRE’s Rocco Laginestra, Jared FreedeMichael Wellen and Stephen Siegelhandled the lease negotiations on behalf of Convene and declined to comment via a spokeswoman. RXR’s Dan Birney and Alexandra Budd represented the landlord in the deal, along with Avison Young’s John RyanBrooks Hauf and Michael Leff. An Avison Young spokesman didn’t immediately respond to a request for comment.

“Convene spaces provide an elevated level of service and hospitality that enriches the experience for RXR’s tenants and energizes our buildings,” Scott Rechler, the chairman and CEO of RXR, said in a prepared remarks. “As we look for new services and amenities to offer tenants in the RXR portfolio, we’ll continue to partner with Convene in new and unique ways.”

The company also just opened its 20th location at 75 Rockefeller Plaza.

Published: September 12, 2018
Filed Under: Leasing

The RXR platform manages 68 commercial real estate properties and investments with an aggregate gross asset value of approximately $18.8 billion, comprising approximately 30.4 million square feet of commercial properties, inclusive of approximately 6.0 million square feet of buildings securing debt and preferred equity investments, a multi-family residential portfolio of approximately 2,600 units under operation or development, and control of development rights for an additional approximately 3,700 multi-family and for sale units in the New York Metropolitan area as of March 31, 2019. Gross asset value compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.