NEW YORK CITY—Co-working space leader WeWork has signed a 51,677-square-foot lease at Offices at the Square, in Long Island City. Located at 35-37 36th St., the space carried an asking rent in the $40-$50 per square foot range. The 15-year agreement brings the building to full occupancy, according to Seble Tareke-Williams of Vanbarton Group, the landlord.
Greg Smith, Ellen Israel and Kristen Morgan of JRT Realty Group together with Ethan Silverstein and Corey Horowitz of Cushman & Wakefield represented the landlord in the deal. WeWork was represented in-house.
The building—purchased by Vanbarton for $30 million in June 2014—is home to Miami Ad School, the popular Studio Square Beer Garden, a 30,000-square-foot ground-floor indoor-outdoor space that is on a long-term lease. The venue has played host to Grammy-award winning bands like The Roots and events such as Summer Spit BBQ by David Burke, fashion runway shows and the New York City Wine and Food Festival.
The move illustrates the fact that WeWork has created a stir—and has had great success—with its numerous locations in Manhattan, leading the company’s footprint to spill over into other nearby communities, Colliers International‘s Joseph Harbert, eastern region president, tells GlobeSt.com.
“WeWork has been at the forefront of the shared space movement,” he says. “Its push into Queens is not surprising as the borough’s workforce is strong and housing is still marginally affordable for their potential clients. We expect to see more of this type of shared space use in the outer boroughs and out in Long Island, New Jersey, and our northern suburbs over the next eighteen months.”