NEW YORK CITY—WeWork has signed a long-term lease for 66,000 square feet at 311 W. 43rd St. The 14-story property in Midtown West was acquired last December by a joint venture of William Macklowe Co. and Principal Real Estate Investors.
Ownership will create a “building within a building” for WeWork, which provides the firm with its own access, control and branding, while the remainder of the building functioning on an independent basis. WeWork's space comprises five contiguous full floors, plus the penthouse and a roof deck.
The JLL team of Howard Hersch, Clark Finney and Mitch Konsker, leasing agents for 311 W. 43rd St., represented the building owners in the transaction, while Lance Korman of Newmark Grubb Knight Frank represented WeWork. Asking rent at the property is in the mid-$60s range.
Featuring two separate entrances and approximately 200,000 square feet of office space, 311 W. 43rd St. was the former printing plant and corporate headquarters of Charles Scribner's Sons. The ownership venture has completed a major renovation and upgrade of the building, which now offers loft-style attributes, such as an abundance of large glass windows and 13-1/2-foot ceiling heights.
“This is a win-win for all parties involved and enables us to continue our thoughtful high-end pre-built office program for which we have become known,” states Billy Macklowe, CEO of William Macklowe Co. He also notes that Hell's Kitchen, which is already home to such tech giants as Microsoft, Yahoo and Snapchat, continues to attract high tech and creative companies as well as new restaurants and retail venues, and is an “ideal location and environment for the WeWork community.”
Ownership will create a “building within a building” for WeWork, which provides the firm with its own access, control and branding, while the remainder of the building functioning on an independent basis. WeWork's space comprises five contiguous full floors, plus the penthouse and a roof deck.
The JLL team of Howard Hersch, Clark Finney and Mitch Konsker, leasing agents for 311 W. 43rd St., represented the building owners in the transaction, while Lance Korman of Newmark Grubb Knight Frank represented WeWork. Asking rent at the property is in the mid-$60s range.
Featuring two separate entrances and approximately 200,000 square feet of office space, 311 W. 43rd St. was the former printing plant and corporate headquarters of Charles Scribner's Sons. The ownership venture has completed a major renovation and upgrade of the building, which now offers loft-style attributes, such as an abundance of large glass windows and 13-1/2-foot ceiling heights.
“This is a win-win for all parties involved and enables us to continue our thoughtful high-end pre-built office program for which we have become known,” states Billy Macklowe, CEO of William Macklowe Co. He also notes that Hell's Kitchen, which is already home to such tech giants as
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