The former WeWork floor at 205 Hudson St. in Hines will remain as a co-working space, but with a different business model and some sections will be redesigned.
Hines, which owns the boutique office tower in a joint venture with Trinity Church Wall Street and Norges Bank Investment Management, has converted 63,000 square feet of WeWork’s space into the first New York outpost of The Square, a landlord-managed flexible workspace facility.
Hines enters into license agreements (similar to leases) directly with users for periods ranging from a few hours to several months (WeWork, in contrast, leases blocks of space and then subleases them to customers).
The Square’s other locations are in Washington DC, Houston, Salt Lake City and Mexico City.
“There’s clearly a global movement toward greater flexibility, and Hines is leading the way in redefining the office model and developing new products to meet our customers’ needs,” said Annie Draper, director of workplace services at Hines.
“The Square is a vertically integrated flexible workspace that combines the highest quality amenities and services. We are excited to offer this service to New York City as the demand for diverse workspace options becomes increasingly important.”
The Square can accommodate up to 700 people and offers large “enterprise” suites, private offices and on-demand short-term facilities. All users have access to shared spaces, including the building’s food and beverage outlets and rooftop lounge.
The building’s office tenants include CUNY, Headway and Serhant.
The 12-story, 200,000-square-foot building is part of Hines’ 13-building Hudson Square portfolio, which spans 6 million square feet.
