CBRE Group, Inc. (CBRE) announced today that it has arranged a 37,735 square-foot lease for Spaces, a co-working company that originated in Amsterdam, inside The Hale Building located at 1326 Chestnut Street in Philadelphia, Pennsylvania. CBRE’s Stephen Kriz negotiated on behalf of Spaces during the transaction. The building is being renovated and restored by Brickstone Realty, an affiliate of the owner.

According to CBRE Research, since 2015 the City of Philadelphia has seen well over 400,000 square-feet of new co-working and incubator spaces added to the market. Within the Center City market, nearly 300,000 square-feet of new co-working spaces have opened in the past two years, which accounted for a quarter of all new net absorption.

“With the co-working industry in Philadelphia achieving substantial growth, Spaces is entering the market at an exciting time and will compliment an already vibrant scene in Midtown Village,” said Kriz, First Vice President, CBRE. “Given the abundance of new restaurants and retail east of Broad Street, as well as the expanding apartment developments, this location was a natural.”

“The Hale Building will be one of the most authentic co-working spaces in Midtown Village,” stated Mark Merlini, the partner with Brickstone who negotiated the lease. “We were happy that Stephen Kriz had the vision to recognize the building’s authenticity for co-working space and introduced it to Spaces.”

The historic Hale Building, designed by Divine Lorraine architect Willis G. Hale in 1887, is a mixed-use building featuring six floors of office space and two floors of restaurant and retail options, as well as a rooftop deck.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.