Jay Suites Leases Office Space At 15 West 38th St From Hudson's Bay

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.