WeWork Leases at 575 Lexington Ave. Reflecting Co-Working Trend

575 Lexington Ave. lobby/ photo by Betsy Kim

NEW YORK CITY—WeWork continues to grow, signing a lease for 117,000 rentable square feet at 575 Lexington Ave., located between E. 51st and E. 52nd streets. Built in 1958, the skyscraper is owned by a joint venture of Angelo Gordon & Co, Normandy Real Estate Partners and George Comfort & Sons. Just this last summer, the owners received $415 million in refinancing secured by the building.

“Given the incredible demand we’re seeing from companies wishing to join the WeWork community, we are constantly looking to expand our footprint in New York City,” says Granit Gjonbalaj, chief development officer at WeWork. “Located in the heart of Manhattan, where we recently became the largest private occupier of office space, 575 Lexington Ave. is a great addition to our portfolio and will allow us to better serve our fast growing community of over 50,000 members in the city.”