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The flexible workspace provider has leased five floors in United Group's Midtown office building near Herald Square.

The new buildings will add 400,000 square feet of laboratory space at the 116-acre campus.

Interstate-81 runs just 75 miles west of I-95 and gives distributors a less congested and toll-free route to move goods up and down the East Coast, JLL says.

LEM named Allison Bradshaw a senior vice president. She will play a lead role on the originations team and works with the managing partners to oversee the strategic growth of the firm, which booked over $1B in transactions in 2018.

The firms say their strategic alliance provides the industry's most comprehensive retail real estate and restructuring service offerings.

With 65.7-percent occupancy, the property offers investors the opportunity to add value through strategic lease-up.

WeWork's purchase of the Lord & Taylor Fifth Avenue property affirms the value of prime Manhattan real estate.

Since 2011, Lower Manhattan has seen 14.6 million square feet in relocations from Midtown and Midtown South, while only 4.6 million square feet of Lower Manhattan firms packed their bags for those two respective markets.