WeWork Leases 70 KSF in Manhattan

The collaborative workspace provider has signed a 15-year agreement with Jack Resnick & Sons to occupy seven floors at the 880 Third Ave. office tower.
880 Third Ave.
880 Third Ave.

Jack Resnick & Sons has signed WeWork to a 69,679-square-foot lease at 880 Third Ave., an 18-story office tower in Manhattan.

The 15-year lease by the collaborative workspace provider brings the Plaza District boutique office building to full occupancy. No details on the amount WeWork will pay, but rents at the property are averaging around $65 per square foot.

“We are pleased to welcome WeWork to 880 Third Ave., which is now fully leased thanks to our talented team of brokers and real estate attorneys,” Jonathan Resnick, Jack Resnick & Sons’ president, said in a prepared statement. “We’re confident WeWork and its clients will benefit from our building’s outstanding location, first-rate infrastructure and quality service.

Expanding in Manhattan

WeWork will move into the building later this summer and take space on floors 5, 6, 9, 10, 11, 12 and 13, and its lease will include two outdoor terraces on the 12th floor.

Earlier this week, WeWork signed a lease with TH Real Estate to occupy 258,344 square feet at 21 Penn Plaza, a Class A office building located at 368 Ninth Ave., at the intersection of Ninth Avenue and West 31st Street in Manhattan. In April, WeWork signed a full-building lease at 430 California St. in San Francisco. The company is occupying 252,000 square feet at the property, which is co-owned by Kennedy Wilson and Takenaka Corp.

In-demand property

880 Third Ave. has a tenant roster that also includes The Trustees of Columbia University; Culbro LLC; Kempen & Co., USA; QS Investors; Jaffe Ross & Light; and Fisher Harris Shapiro. Retail tenants consist of TD Bank, Gregorys Coffee and Pret A Manger. 

The building recently underwent several capital improvements, including the addition of a new aluminum curtain wall system, new windows, new cooling tower and a distinctive double-height stone and glass lobby and two-story retail storefronts. There’s also a modernized elevator system with new cabs at the property. Artwork by Lydia Donna is featured throughout the building.

Ken Ruderman and Andrew Zang of Savills Studley represented WeWork in the lease, along with the company’s in-house leasing agent David Sadkin, in-house general counsel Mathew Brandt, and a Kasowitz, Benson Torres LLP team led by Adam Endick and Steven Shafer. 

Jack Resnick & Sons was represented by an in-house leasing team of Brett Greenberg and Fran Delgorio, an in-house legal team of Kalapna Gajjar and Thomas Ruggiero, and Meyer Last of Fried, Frank, Harris, Shriver & Jacobson LLP. 

“We were thrilled to have been involved in this creative transaction,” Ken Ruderman, Savills Studley’s vice chairman & co-branch manager, said. “The collaboration of numerous skilled professionals is the reason the deal got done, and it allowed our client to establish a relationship with Jack Resnick & Sons, one of the city’s benchmark owners/builders.”

Image courtesy of Jack Resnick & Sons