NEW YORK CITY-Score another one for the diversification of Lower Manhattan beyond financial services. Workspace provider WeWork has taken eight full floors totaling 120,537 square feet at L&L Holding Co.'s 222 Broadway.
“WeWork is a prime example of the entrepreneurial type firms who are discovering Downtown Manhattan's vitality in terms of transportation, live/work opportunities, proximity to dining and shopping and other exciting features,” says L&L Holding CEO David Levinson in a release. “As startups and tech companies continue to migrate from Midtown South to Downtown, this becomes a very important transaction that highlights the culture shift taking place in the Financial District.”
The 16-year lease at 222 Broadway represents WeWork's seventh Manhattan location and its biggest to date. It's projected to open early this summer. L&L Holding's David Berkey and Andrew Weiner represented the property's ownership, while Mark Lapidus represented WeWork in-house. Sean Black of Jones Lang LaSalle also served as consultant to the tenant.
Former owner Bank of America continues to ccupy nearly 500,000 square feet at the 750,000-square-foot 222 Broadway. A partnership of L&L Holding and Beacon Capital acquired the office tower from BofA this past April for a reported $230 million. Asking rents there are in the mid-$50s per square foot; an extensive renovation is planned.
The WeWork deal occurs about six weeks after L&L Holding landed another non-financial tenant down the street from 222 Broadway. In late January, publishing giant HarperCollins took 180,000 square feet at the owner's 195 Broadway.
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