Tishman Speyer Breaks Into Coworking

Tishman Speyer is betting the global trend toward coworking is here to stay, and has announced the launch of its own flexible workspace provider.

Known as Studio, the coworking offering will be introduced in six global markets, the firm announced Wednesday.

Its Rockefeller Center Studio space at 600 Fifth Ave. will open Nov. 1, and will be 35K SF, although Tishman said strong demand means it is planning to expand.

The space at Rockefeller Center will feature hot desks, private offices, conference rooms and semi-private areas, according to the release. Tenants will also be able to use Zo, an amenities package provider Tishman unveiled last year.

"We've seen great demand for flexible office space from our enterprise clients and prospective tenants and we understand the importance of agility and the need for companies of all sizes to be able to move quickly and scale as needed,” Tishman Speyer Director of Innovation Thais Galli said.

“Based on the overwhelming response to Studio at Rockefeller Center we’re confident this is going to be a successful offering in all our locations.”

Studio will also open at 125 High St. in Boston, 900 19th St. in Washington, D.C., the Franklin in Chicago, 407 Maple Plaza in Beverly Hills and in Frankfurt, Germany.

Tishman will face competition on the coworking front, particularly in New York City. Coworking giant WeWork is now the biggest office tenant in the city, with 5.3M SF under its control in the city. Knotel has been on a leasing spree for most of 2018, and IWG’s Spaces bagged a series of major leases in the last month, including a 99K SF lease at 787 11th Ave. last week.

Nearly a third of all leases signed in Manhattan last month were coworking deals.