The money will be chasing additional acquisitions in the future, says Drew Ades, Housing Partnership's chief executive.

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While the tech industry is famous for shunning traditional offices, Mr. Ades said its workers still look for communal spaces for their labors.

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"At our phase, it's great because we don't have any overhead, " said Mr. Ades, who expects JemSpace to launch in a few months.

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"I generally need to be working in a space with other people, " said Mr. Ades, who said he often rides his bike to different workspaces.

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Looking to future seasons. the Met has joined with the Royal Opera and the Salzburg Festival to commission Thomas Ades' "The Exterminating Angel, " based on the Luis Bunuel film.

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Mr. Ades, declined to disclose the projected returns of the REIT, but estimated the capitalization rate for the acquisition was relatively high at about 7%, indicating a strong initial yield for the buyer.

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In February, New York City Opera presented Thomas Ades's "Powder Her Face, " which tells the scandalous story of Margaret Campbell, the Duchess of Argyll, who was accused by her husband of 88 extramarital affairs during their 1963 divorce.

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