The Real Deal New York

WeWork inks 15-year lease in Astoria

Co-working space provider to occupy most of the 66,000-square-foot warehouse

July 21, 2015 01:40PM

35-37 36th Street in Astoria and Mark Lapidus (inset)

35-37 36th Street in Astoria and Mark Lapidus (inset)

It was just a matter of time before WeWork, now valued at $10 billion, expanded into Queens.

The shared workspace provider inked a 15-year lease at Vanbarton Group’s Studio Square at 35-37 36th Street in Astoria, the New York Observer reported. The Studio Square beer garden is located on the first floor of the building. WeWork will occupy all but the third floor and the beer garden space of the roughly 66,000-square-foot structure.

Asking rent was roughly $40 per square foot. The Queens location is expected to open early 2016.

“Our members commute all over the borough and beyond,” WeWork‘s co-head of real estate, Mark Lapidus told the Observer. “This is just another outlet.”

In June, the company was valued at $10 billion after raising a new round of capital.

WeWork is also looking to open in other neighborhoods in Queens and is currently negotiating a deal in Long Island City. [NYO] — Claire Moses