The Real Deal New York

Office-sharing startup NeueHouse creeps into WeWork territory

Company takes 100,000 square feet two blocks from industry leader

March 26, 2014 06:10PM

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From left: 225 Varick Street and interior of NeueHouse location in New York City

From left: 225 Varick Street and interiors of NeueHouse location at 110 East 25th Street

The shared office space provider NeueHouse is expanding into a three-floor office space spread at 225 Varick Street, a few doors down from competitor WeWork.

The landlord, Trinity Real Estate, will soon ink a deal with the firm for 100,000 square feet in the 12-story, 380,000-square-foot building in Hudson Square, Crain’s reported.

Like WeWork, NeueHouse leases communal space for small businesses, mostly to companies that are feeding New York City’s creative and tech sector boom, the news site reported.

“The incubator type space providers have been among the fastest growing tenant types,” Ken McCarthy, an economist and leasing analyst at Cushman & Wakefield, told Crain’s. “A lot of them didn’t exist a few years ago but they clearly have found a need and are filling it.”

WeWork signed a long-term lease in conjunction with investment firm AEW Capital Management at nearby 175 Varick Street for $33.5 million in 2012, as previously reported[Crain's]Angela Hunt

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