NEW YORK CITY—WeWork has inked another lease in Midtown.

This latest agreement for the co-working space provider is for 58,000 square feet at 575 Fifth Ave., which is co-owned by Beacon Capital Partners and MetLife co-own the building.

WeWork will occupy four floors (14 – 17) in the recently renovated Class A office building. A CBRE agency team of Howard Fiddle, Keith Caggiano, Gregg Rothkin, Arkady Smolyansky, David Caperna and Brad Auerbach handled the transaction.

Other office tenants there include Barneys New York, Westpac Banking Corp. and Northwood Investors. For more than 30 years, the property served as the headquarters for cosmetics company L'Oréal, which continues to occupy 24,000 square feet.

Located at the corner of East 47th Street and Fifth Avenue, the 40-story building is steps from Grand Central Terminal and numerous subway lines and bus routes. The dynamic work-live-play area is the largest commercial, entertainment and media center in the United States.

“We are proud to be part of WeWork's continued expansion in Midtown. WeWork is exactly the kind of forward-thinking, innovative growth company we hoped to attract,” says Chris Gulden, SVP, Beacon Capital Partners.

Beacon has completed extensive capital improvements at the property, including a renovated and modernized lobby featuring digital LED screens with customized media and specially-captured footage from around the city.

The media display has multiple modes, including Weather, News and Voices, Local Events and Market Watch. WeWork members will have access to the building's 6,000-square-foot conference center and tenant lounge. New destination dispatch elevators reportedly reduce response and travel time by up to 30% over conventional elevator systems.

Technology upgrades to the property that have been made since the 2015 acquisition by Beacon and MetLife are meant to ensure optimal internet connectivity and have earned 575 Fifth Ave. Gold WiredScore certification.

MetLife

NEW YORK CITY—WeWork has inked another lease in Midtown.

This latest agreement for the co-working space provider is for 58,000 square feet at 575 Fifth Ave., which is co-owned by Beacon Capital Partners and MetLife co-own the building.

Instant Insights /

We Work Inks Another Midtown Lease

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