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WeWork Continues Manhattan Leasing Spree, Takes Over 45K SF for HQ by WeWork

| Commercial Real Estate News, Deals, Leasing, Office| Views: 0

Coworking giant WeWork continues its leasing tear, signing two more deals in Manhattan. The borough’s largest office tenant will take over a total of 45,500 square feet in NoMad and SoHo. The space will be used to further expand its new medium-business solution, HQ by WeWork.

The largest of the two deals was for 34,500 square feet of office space in Midtown Manhattan’s NoMad, at 58 West 28th Street. WeWork will take over the third, fifth and twelfth floor in the 16-story building owned by Stellar Management. The lease was signed last week and the firm plans to open this HQ location in March.

The Commercial Observer reports the asking rent as being $54 per square foot. Stellar was represented by Jonathan Bernstein, the CEO and President of JBA Real Estate. Arash Gohari, Executive Vice President of Global Real Estate at WeWork, represented the lessee. The deal brought the building to full occupancy.

WeWork has also inked a lease for 11,000 square feet at ABC Management’s 599 Broadway. It will occupy the second and sixth floors there and it plans to open in December. Gohari acted on behalf of WeWork in this deal as well. The asking rent was not disclosed, but average rents in the building go from $56 to $68 per square foot.

“We’re delighted to have secured two new locations, at 599 Broadway and 50 West 28th Street, for HQ by WeWork. These are the 10th and 11th locations dedicated to the offer that was launched in August, for which we continue to see exceptional demand, as reflected by the fact that each of the locations is opening at full occupancy,” said Granit Gjonbalaj, the Chief Development Officer for WeWork.

HQ by WeWork is a new suite of services meant to accommodate medium-sized businesses, defined as those with 11 to 205 employees. Currently, the company has secured HQ locations only in New York City and San Francisco.

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