WeWork Signs 362 KSF Manhattan Lease
- Sep 30, 2019
WeWork has signed a 362,197-square-foot lease with William Kaufman Org. and Travelers Cos. at the 850,000 square-foot 437 Madison Avenue in Manhattan’s Plaza District. The deal closed 15 months before the current tenant is set to vacate the space.
The coworking company will occupy the second to 12th floors, along with a portion of the 14th story in the high-rise, with the space becoming available at the start of 2021. WeWork will have a dedicated entrance on 50th Street and an outdoor terrace at the 15th floor with access via a private staircase. The lease comes days after Adam Neumann stepped down as CEO.
The 40-story building was 98 percent occupied at the time of the deal. The property’s roster includes Munich American Reassurance Co., Citizens Bank, Carnegie Corp. of New York, Wiggin and Dana LLP, Kekst CNC and Medallion Funding Corp. The owner invested $60 million to reposition the asset in 2015, commissioning architectural firm Fogarty Finger and landscape architect MPFP. Improvements included redesigned lobby and arcade areas, a new plaza, upgraded elevators and building systems and the addition of an outdoor terrace.
Vice President Michael Lenchner from WKO’s Sage Realty Corp., together with JLL’s Frank Doyle, David Kleiner, Cynthia Wasserberger, Hayley Shoener and Harlan Webster, worked on behalf of the landlord. Peter Riguardi and Howard Hersch of JLL represented the tenant.