WeWork Once Again Expands NYC Footprint
The co-working firm has become the second largest private office tenant in New York City and has more than 50 offices in the New York City area.
NEW YORK CITY—Co-working company WeWork is continuing to expand its operations in New York City, reportedly signing a significant lease deal at the Moinian Group’s 450-460 Park Ave. South office building.
WeWork has reportedly signed a lease for approximately 55,000 square feet of space, according to reports in the Real Deal and Commercial Observer. Earlier this month, WeWork inked a 10-year lease for 11,818 square feet, at the Kaufman Organization’s 15 W. 27th St. office building.
The 450-460 Park Ave. South office building was built in 1912 and totals 172,570 square feet of rentable space. It was last renovated in 2010.
“We’re excited to be part of WeWork’s ongoing expansion in New York City, and this 50,000-square-foot, multi-floor lease will make for a great addition to the diverse tenant roster at our commercial offerings,” says Gregg Weisser, SVP of commercial and retail leasing for the Moinian Group.
A WeWork spokesman had no comment on the lease transaction. Representatives of the Winnick Realty Group, which reportedly brokered the transaction, could not be reached for comment at press time.
The co-working firm has become the second largest private office tenant in New York City and has more than 50 offices in the New York City area. One of its Manhattan locations is in space at 401 Park Ave. South, according to its website.
CBRE’s Nicole LaRusso, director, research & analysis, in an interview last month with Globest.com stated that WeWork is Manhattan’s largest flexible space operator, occupying 4.1 million square feet, holding 45% of the market share of the more 10 next operators combined.