The Real Deal New York

WeWork takes a second large space at Dumbo Heights

Shared office space giant's deal at 77 Sands St. follows a 90K sf deal at complex in August

April 16, 2015 06:40PM
By Rey Mashayekhi and Rich Bockmann

From left: Jared Kushner, 77 Sands Street and WeWork's Adam Neumann and Miguel McKelvey

From left: Jared Kushner, 77 Sands Street and WeWork’s Adam Neumann and Miguel McKelvey

UPDATED, 11:26 a.m., April 17: Mere months after committing to 90,000 square feet at Dumbo Heights, WeWork is taking another 72,000 square feet of office space at the complex, The Real Deal has learned.

The $5 billion shared office space provider is expected to officially sign up for the space at 77 Sands Street in the next few weeks, sources said. In August, it signed a 90,000-square-foot lease at 81 Prospect Street. Dumbo Heights is being developed by a joint venture between Jared Kushner’s Kushner Cos., Aby Rosen’s RFR Realty, and Asher Abehsera’s LIVWRK.

Financial terms of the lease were not disclosed. A spokesperson for the Dumbo Heights project declined to comment on the matter.

Kushner, RFR and Invesco purchased the five-building, 1.2 million-square-foot complex – formerly known as the Watchtower buildings – for $375 million in October 2013. E-commerce firm Etsy, which just went public, will be the anchor tenant at the complex with up to 200,000 square feet of space.

WeWork, led by Adam Neumann and Miguel McKelvey, is one of the city’s most ravenous consumers of office space. It leased 240,000 square feet at 85 Broad Street earlier this year, and signed on for 125,000 square feet at the Durst Organization’s 205 East 42nd Street in December.

  • Melanie Keenan

    WeWork also just signed a lease on March 31st for its first Times Square location, 180,000 square feet for the entire office space at 1460 Broadway, owned jointly by Himmel + Meringoff and The Swig Company.

  • Andrew Porter

    Dumbo Heights will radically change the makeup of the northern part of Brooklyn Heights, flooding the area with new workers, stores, residents over the next several years. Goodbye, Jehovah’s Witnesses!

    • CodeREd

      Jehovah’s Witnesses kept the place clean and took very great care of their properties. You should be thanking them.

      • Andrew Porter

        I understand when built the buildings were constructed so the best views of Manhattan were obscured by internal structures including staircases, so JWs wouldn’t have to see non-co-religionists.

  • CodeREd

    WeWork has been making a lot of moves lately. Shared office space must be big for start ups.