WeWork Signs 45 KSF Lease in Manhattan
- Dec 05, 2017
Swiss pension fund AFIAA has signed a 15-year lease with WeWork at one of its office buildings in Manhattan. The tenant will occupy 45,000 square feet of space, bringing the asset’s office occupancy rate to 100 percent.
The 12-story property totals 138,021 square feet and is located at 125 W. 25th St. It was built in 1906 and underwent a $20 million renovation before AFIAA acquired it from a partnership between Normandy Real Estate Partners, Waterbridge Capital and NTT Urban Development at the end of 2016 for $150 million. Following an effective marketing strategy, the occupancy level went up from 38 to 90 percent in less than a year. The property is anchored by fitness company Peloton Interactive. Other tenants include Mohawk Carpet Distribution Inc., which signed a 10-year lease this April.
Located in the borough’s vibrant Chelsea neighborhood, the asset is close to retailers and eateries, as well as landmarks such as the Empire State Building and Madison Square Garden. Additionally, various transportation options provide tenants with easy access throughout the entire area.
“We have now kept our promise and created an attractive product for our institutional investors through active asset management,” AFIAA CEO Ingo Bofinger said in a prepared statement.
Cushman & Wakefield represented both parties in the lease transaction.
Image courtesy of AFIAA