WeWork Leases 47 KSF in Midtown Manhattan
- Apr 05, 2019
WeWork has signed for a 47,000-square-foot lease at an office building neighboring Times Square in Midtown Manhattan. The lease occupies five floors at 145 W. 45th St., a 12-story property built in 1911, and will be used for Headquarters by WeWork, which allows companies to set up customized private locations.
The coworking behemoth is Manhattan’s largest private office tenant, and the new lease builds on WeWork’s network of 59 locations in New York City and 637 open or under development worldwide. Headquarters by WeWork alone has more than 30 venues and the company is targeting 270 by the end of 2019.
“This adds to our growing presence in the heart of Midtown Manhattan and will allow us to meet the exceptional demand we’re seeing for this fast-growing offer,” commented Chief Real Estate Development Officer Granit Gjonbalaj in a prepared statement.
WeWork gobbles up companies and space
The news comes the day after WeWork announced its purchase of Managed by Q, a startup that runs an office management and cleaning services platform for tenants. Terms of the deal were not disclosed, but the acquisition is believed to have cost in the range of $200 to $250 million, according to CNN.
Founded in 2010, WeWork has mushroomed into a global brand with some 400,000 members that use its flexible office spaces across 111 cities. WeWork’s growth has been dramatic in its home base of Manhattan, where the company claims it occupies 5.3 million square feet of space as of last September, after inking a 258,344-square-foot lease at 21 Penn Plaza. In December the company grabbed another 236,000 square feet at 1440 Broadway, or nearly one-third of the office tower at Broadway and 40th Street.
WeWork announced in January that it would rebrand itself as The We Company after Japan’s SoftBank boosted its investment in the firm by $2 billion. The recent funding gives WeWork a post-money valuation of $47 billion.