Convene to Open New Location in Manhattan
Convene has partnered with owner RXR Realty to open a new meeting and conference center at 5 Times Square in Midtown Manhattan.
Venue 42 by Convene will occupy approximately 30,000 square feet on the building’s fifth floor. The space is expected to open in March.
Venue 42 by Convene will comprise nine meeting rooms, which can be customized to accommodate various types of events such as company town halls, classroom-style learning, social events and conferences. The largest meeting room will have the capacity to host as many as 240 guests. This project marks Convene’s fifth collaboration with RXR Realty. It is also the 15th location in New York City for the global meeting, event and flexible workspace provider.
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Developed in 2002, 5 Times Square spans more than 1.1 million square feet across 37 stories. The property features a 32,000-square-foot amenity floor which includes a fitness center, two golf simulators, a lounge and a bar and restaurant. One sizeable tenant is Roku, which occupies 240,000 square feet in the building, Commercial Edge data shows. Located in Midtown Manhattan, the high-rise is adjacent to the Times Square–42 Street subway station.
RXR Realty acquired 5 Times Square in 2016 for $1.6 billion, according to CommercialEdge information. In 2023, the asset became subject to nearly $60 million in debt across four loans from Morgan Stanley Bank and Athene USA Insurance Co., the same source shows.
Manhattan’s high leasing rates
As of December 2023, Manhattan maintained its spot as the priciest market for office leasing in the U.S., with an average listing rate of $70 per square foot, representing an 8 percent year-over-year drop, according to a recent CommercialEdge market update. The borough also had the biggest flexible office stock in the country at 9.5 million square feet, representing 2.5 percent of its entire office stock, the same source shows. Convene’s footprint in the market totals 550,612 square feet.
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