The property at 15 West 38th Street in New York is an office building where Jay Suites signed a 17-year sublease for 90,000 square feet of space. The office sits adjacent to the Lord & Taylor Building and WeWork's new headquarters, purchased last year from Hudson's Bay Company for $850 million. The asking rent for this space was $45 per square foot.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: Not available
• Address: 15 West 38th Street
• Market: New York
• Landlord's Representative: Maria Travlos (Cushman & Wakefield)
• Tenant: Jay Suites
• Landlord: Hudson's Bay
• Rent/SF: $45
• Square Feet: 90,000

Sean Black of BLACKre, a former WeWork real estate executive, represented Jay Suites in the deal. Cushman & Wakefield's Laura Pomerantz and Maria Travlos represented Hudson's Bay. Jay Suites plans to invest over $10 million in renovating the property to include a conference center, rooftop terrace, and café. The company will also relocate its headquarters to this building. This will be Jay Suites' eighth location and its largest one so far.