A leading global provider of flexible space, WeWork announced that it had executed a 60,000-square-foot lease agreement with AmTrust RE at 250 Broadway. This marks the company’s first coworking deal since its bankruptcy filing. The new location is projected to open in December and will cover five floors (the 24th, 25th, 27th, 28th and 29th).
Representing the landlord in this transaction were AmTrust RE’s Anne Holker and a CBRE team consisting of Brad Gerla, Michael Rizzo and Alex Benisatto. WeWork’s Peter Greenspan and Whitney Anderson were represented by Peter Riguardi, Clark Finney, Alexander Riguardi and Dana Goldman from JLL.
The new workspace will feature a well-designed coworking lounge, collaborative meeting rooms and turnkey private offices, all offered with flexible commitment terms. Alongside expansive views of downtown Manhattan, N.Y., and the Brooklyn Bridge, members will also have access to a wellness room and a mother’s room, complemented by WeWork’s signature amenities, services and community-building events.
Since emerging from bankruptcy with Yardi Systems as its majority owner and former Cushman & Wakefield executive John Santora as CEO, the company has adopted a more cautious operational approach. While it had previously signed two office leases in Manhattan post-bankruptcy, both of those spaces are designated for full occupancy by Amazon.
WeWork intends to invest between $80 million and $100 million in its global portfolio in 2025, signaling a return to a growth phase after significantly reducing its footprint during the last five years. The company is also experiencing increased demand in New York City with memberships climbing 10%. Overall, WeWork operates more than 3 million square feet in the city.
“New York City holds immense value and opportunity for WeWork,” Santora said. “As the flight to quality continues to drive the city’s office leasing landscape, companies of all sizes are seeking elevated, experience-driven workspaces that can propel their teams to new levels of productivity and collaboration. WeWork 250 Broadway is our latest solution to this need, and we’re excited to work with AmTrust RE to bring this premium workspace offering to the Financial District.”
