WeWork Signs 4 New Leases in Manhattan
- May 24, 2019
WeWork has added four new locations to its Manhattan portfolio. The coworking giant signed leases totaling more than 110,050 square feet in the Midtown and Koreatown neighborhoods in its first portfolio deal with APF Properties.
The new leases will house the company’s ‘headquarters by WeWork’ brand, geared toward medium-sized businesses. With the addition of the four new Manhattan spaces, the brand, which was launched late last year, now counts 40 locations across the U.S. and Canada, with plans to expand to 270 locations worldwide by the end of the year.
A WeWork spokesperson told Commercial Property Executive that the firm chose the locations based on the demand they were seeing from members for WeWork offices in those areas.
All of the new locations are located in buildings owned by APF Properties:
- 25 W. 45th—23,100 square feet across the second and 15th floors
- Club Row Building at 28 W. 44th—28,100 square feet across the fifth and sixth floors
- 183 Madison Ave.—30,850 square feet across the fifth and sixth floors of the building
- 1156 Avenue of the Americas—28,600 square feet across the fifth, seventh and ninth floors; this location has already opened and is fully occupied
Diversifying its reach
It’s been a busy couple of weeks for the growing coworking firm. Just last week, WeWork’s parent company, The We Co., launched a $2.9 billion investment and management platform, ARK, with partner Ivanhoe Cambridge. The news came on the heels of two new leases WeWork inked totaling more than 200,000 square feet of office space in Midtown Manhattan and Washington, D.C., as well as the announcement of a cost- and revenue-sharing agreement with RXR Realty that will see the coworking firm manage 90,000 square feet across four floors of 75 Rockefeller Plaza in Manhattan.