The Real Deal New York

WeWork scouts FiDi for its largest space yet

January 14, 2013 03:30PM

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Adam Neumann at WeWork’s 175 Varick Street location

The rapidly expanding office suite company WeWork is scouting the Financial District for its largest space yet, Crain’s reported. WeWork is considering a 125,000-square-foot lease at 222 Broadway. The 32-story, 750,000-square-foot office building was acquired by Beacon Capital and L & L Holding Company for $230 million.

The company is looking to secure the downtown location as rising rents and limited supply have prompted some tenants to leave the tech-heavy Midtown South, sources told Crain’s.

WeWork founder Adam Neumann has been busy snagging space for his company in chic neighborhoods such as Tribeca and Soho, as The Real Deal first reported. In November, it partnered with Boston-based investment firm AEW Capital Management to purchase the leasehold on a 103,000-square-foot office building at 175 Varick Street in Tribeca for $33.5 million. And last year, in a headline-catching deal, Neumann acquired the rights to buy the top 25 floors of the iconic Woolworth Building for $68 million.

The company offers its tenants out-of-the-ordinary amenities, such as kegs and arcade games, and even operates events and summer camps. In lieu of a standard rent, tenants pay a monthly membership fee. [Crain’s] – Hiten Samtani

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