The Real Deal New York

WeWork expanding to Downtown Brooklyn

Coworking company signs 77K sf lease at 195 Montague Street

November 16, 2015 06:00PM
By Konrad Putzier

Silver Neumann

From left: Treeline’s Kraig Silver, 195 Montague Street and Adam Neumann

WeWork is opening its first Downtown Brooklyn location at Treeline Cos. and Long Wharf Property Partners’ 195 Montague Street. The shared-office company signed a long-term lease for the top four floors – 77,000 square feet – of the 14-story building.

WeWork’s only current Brooklyn location is at Kushner Cos.’ nearby Dumbo Heights development, where it recently committed to leasing a second office space. At 195 Montague, WeWork will build out its own space. No move-in date has been set. Asking rents in the building are $49 per square foot, according to Treeline.

Treeline’s Kraig Silver represented the landlord in-house. A Cushman & Wakefield team of Jonathan Serko, Mitchell Barnett, Richard Serko, and Bill Lee III represented WeWork.

“We are happy to meet the needs of WeWork as they continue their New York City expansion with the addition of this second Brooklyn location,” Silver said in a statement. “The property at 195 Montague Street is a prime downtown Brooklyn location convenient to mass transit, the courts and the borough’s growing tech sector.”

The firm signed on as the anchor tenant for Rudin Management and Boston Properties’ Brooklyn Navy Yard development Dock 72, which is scheduled for completion in 2018. That space is slated to span 222,000 square feet.

WeWork, founded in 2010, has grown rapidly over the past years and is now New York’s largest shared-office company by square feet leased.

The news of the deal was first reported by the New York Observer.