The Collective Inks Lease On New SoHo Office Space To Support Rapid Growth Of U.S. Operations

NEW YORK, Feb. 25, 2020 /PRNewswire/ -- The Collective, the leading global co-living company based in New York, London and Berlin, today announced its U.S. base of operations' move to new office space in the duplex penthouse of the SoHo Building in the heart of Manhattan's vibrant SoHo neighborhood at 110 Greene Street. The move comes amid a period of rapid U.S. growth for the company, which in 2018, acquired its first New York ground-up development site at 555 Broadway in Brooklyn and started up its New York head office in order to go global with its mission: to build and activate space that fosters human connection and enables people to lead more fulfilling lives.  

Comprised of 9,397-square-feet, The Collective's U.S. headquarters will occupy the top floor and penthouse level of 110 Greene Street. Completed in 1920 and recently upgraded by ownership, the SoHo Building features high ceilings, open floorplates, oversized windows, wood flooring and historic details including exposed brick and industrial design elements. The Class A building is LEED Gold certified. Alexander Golod and Neil King of CBRE represented The Collective.

"We're thrilled to be setting deeper roots in New York as a foundation for our further expansion both here in NYC and across the country" said Simon Koster, The Collective's Head of U.S. Development. "One of the core objectives of our work at The Collective is to create innovative and collaborative spaces within our co-living locations, and it was important to us to provide our team with workspace reflective of those values."

Since 2018, The Collective has been rapidly expanding its already deep bench of design, development, architecture, finance, community and hospitality experts in the United States. In 2019, Koster joined The Collective to lead this interdisciplinary team, which has grown to over 30 professionals, in the delivery across The Collective's growing U.S. pipeline of co-living projects.

In December, the company announced its latest ground-up development and sixth acquisition in the United States at 292 North 8^th Street in central Williamsburg, Brooklyn. This, and The Collective's two previously announced Brooklyn projects, 555 Broadway and 1215 Fulton Street, are all projected for completion in 2022. Also in development by The Collective are 2825 NW Second Avenue in Miami, Florida's Wynwood District and 633 LaSalle in Chicago, Illinois.

In November of last year, the firm opened The Collective Paper Factory, establishing The Collective's first foothold in the United States. Paper Factory also marked the global debut of the company's short-stay model and the start of an explorative, collaborative cultural program dedicated to housing innovation and community-building in cities.  

To date, The Collective has raised over $1 billion to fund its growing global network of co-living spaces, offering thoughtfully designed efficiencies in the private living space to create a surplus of square footage for unique shared amenities and experiences, bringing to life its vision of making co-living an option for people all over the world.

About The Collective

The Collective is a leading co-living pioneer building long and short stay communities across a growing, global network of cities. Its unique spaces combine thoughtfully designed private living solutions with communal and public amenities, to promote connection, growth and inspiration amongst members and benefit the surrounding neighborhood.

In the context of increasingly isolating urban environments, The Collective seeks to create a positive impact and foster human connection through dynamic cultural programs designed to bring people together.

Founded in London in 2010 by CEO Reza Merchant, The Collective has grown from offering small house shares to owning and operating the world's largest co-living project, with over 9,000 units operating or under development across the U.K., U.S. and continental Europe. The 350+ strong team headquartered across New York, London and Berlin has raised nearly $1bn to fund its international growth, bringing to life its vision of making co-living an option for people all over the world.

In joint partnership with DTZ Investors, a specialist European real estate fund manager, The Collective launched COLIV, the world's first institutional large-scale co-living fund, with the aim of raising up to £650 million ($840 million) in equity commitments to acquire or forward-fund between six and ten co-living assets in London.

The Collective Old Oak in London opened in 2016 with 546 rooms, which have since operated at 97 per cent occupancy. In 2019 The Collective opened new flexible stay co-living projects: Canary Wharf in London, and Paper Factory in Long Island City, New York.

For more information visit www.thecollective.com

SOURCE The Collective