The boutique coworking company Bond Collective is expanding its portfolio with two new locations.
The company is leasing a 25,000-square-foot office building at 158 Lafayette St. in Soho and a 23,000-square-foot space in 276 Greenpoint Ave., an office building in Greenpoint.
Shlomo Silber, chief executive and founder of Bond Collective, said the firm would use the spaces to cater to growing demand from larger tenants who want flexible offices with amenities. Coworking companies big and small have increasingly been focused on filling spaces with conventional office tenants rather than the individuals, small firms and startups that initially were the industry’s predominant clientele.
“We’re seeing growing demand from bigger firms who want spaces for a year or two,” Silber said. “We have a great niche and we’re proud of that. We’re known for our hospitality and high-end space, not the beer pong, millennial-centric vibe of a lot of other coworking spaces.”
Silber said Bond Collective was nearing a deal to expand an existing location it has at 55 Broadway in Lower Manhattan. The firm will grow by about 10,000 square feet there to about 43,000 square feet. The firm also has a space in the Flatiron District and in Gowanus, and it is readying a new space in Bushwick.
The firm also is expanding to other markets like Austin, Atlanta, Chicago and Washington, D.C., Silber said.
“There are firms that want spaces in other markets, and if you can’t offer them spaces there, they won’t take the space you have in New York,” Silber said.
Bond Collective’s deal to lease 158 Lafayette St. came after a Miami real estate firm, Link Real Estate, reached a deal to acquire the building for around $25 million. The two firms have an exclusive agreement, Silber said, in which Bond Collective has the option to anchor commercial properties acquired by Link and to co-invest in the properties. In the case of 158 Lafayette St., Silber said, his firm opted not to purchase a stake in the building, but it has an option to buy in at a future date.
“We didn’t want to invest in this deal because right now we’re prioritizing our cash for new coworking locations,” Silber said.
The $20 billion coworking giant WeWork has launched an investment arm that acquires properties it takes space in.
Bond Collective, which was previously named Coworkrs, is in the process of soliciting as much as $50 million in a third round of investment in the firm. The company raised about $55 million in two prior capital efforts.