The Real Deal New York

WeWork takes 75K sf in Soho’s 524 Broadway

Co-working giant on its way to 3 million square feet in NYC

January 11, 2016 12:31PM
By Rich Bockmann

Miguel McKelvey and Adam Neumann

Miguel McKelvey and Adam Neumann (click to enlarge)

As WeWork approaches the 3 million-square-foot mark in New York City, it’s heading back to the neighborhood that launched the co-working phenom.

The startup, recently valued at $10 billion, signed a lease for 75,000 square feet at Tahl Propp Equities’ 524 Broadway at the corner of Spring Street in Soho, sources told The Real Deal.

WeWork declined to comment.

The Midtown-based landlord, headed by co-founders Joseph Tahl and Rodney Propp, tapped Bruce Mosler-led team at Cushman and Wakefield over the summer to lease about 134,000 square feet of available space in the building and at neighboring 520 Broadway.

WeWork is taking the seventh through eleventh floors at the property, space currently occupied by the publisher Scholastic. Asking rents in the building are $70 per square foot, according to CoStar.

The building is just a few blocks away from 154 Grand Street, where WeWork opened its first location in 2010.

The company has shaken up the industry with its hip, communal-office platform and at just six years old it’s already eyeing new international markets such as Shanghai.

WeWork now has leasing obligations totaling 2.8 million square feet, according to research by Newmark Grubb Knight Frank.