Regus Signs Lease In Historic Center City Building For Spaces Co-Working Concept
As co-working continues to increase its influence in Philadelphia's office market, European firm Regus has signed a lease in a historic Center City building.
Spaces is a subsidiary of Regus that is designed more like WeWork or MakeOffices in its appeal to the creative class rather than Regus' traditional, corporate locations. It will occupy over 37K SF on the third through eighth floors of the Brickstone Realty-owned Hale building on the corner of Chestnut and Juniper streets, with a lease brokered by CBRE. A restaurant tenant will occupy the first two floors of the eight-story building, the Philadelphia Inquirer reports.
Designed by Willis Hale in 1887, a few years before his more well-known Divine Lorraine building, the Hale has been vacant for years. Brickstone purchased it for $3.5M in 2015. Restoration and renovation began early this year, led by JKRP Architects, and will include a glass front and a roof deck, to which Spaces tenants will have exclusive access.