WeWork takes 86K sf at 25 Broadway

Workspace provider continues Downtown advance

New York /
Sep.September 16, 2013 05:50 PM

Collaborative workspace provider WeWork continues to gobble up Downtown digs and has inked an 86,000-square-foot lease at ACTA Realty’s neo-Renaissance Cunard Lines Building at 25 Broadway, The Real Deal has learned from CompStak.

WeWork will take the entire ninth and 10th floors in a 20-year lease with rents per square foot starting in the low-$30s and escalating to around $40, the CompStak data show. The office space provider will also get a little over a year in free rent in the 22-story, 858,000-square-foot tower, valuing the deal at over $56 million, the data show.

The space was being marketed by CBRE’s Richard Levine, Gary Kamenetsky, Bruce Surry and Stephen Siegel, according to a listing on real estate website agorafy. Their CBRE colleague Derrick Ades represented WeWork. None of the brokers responded to comment by press time, nor did representatives for ACTA Realty and WeWork.

WeWork has been rapidly expanding the size of its holdings in Lower Manhattan, home to many so-called TAMI companies — those in the technology, advertising media and information fields — which are naturally drawn to its foosball-friendly workspaces.

In March, WeWork took over 120,000 square feet at L&L Holding’s 222 Broadway, in a deal that was valued at about $75.7 million, as The Real Deal reported. And in 2012, the company, founded by Adam Neumann, acquired the rights to buy the top 25 floors of the famed Woolworth Building for $68 million.

Other flexible office space providers, such as Luxembourg-based giant Regus, have also been expanding at a breakneck pace with recent deals such as a 29,982-square-foot lease at David Tawfik’s 104 West 40th Street in Midtown.


Related Articles

arrow_forward_ios
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
WeWork CEO Adam Neumann (Credit: Getty Images and iStock)
WeWork’s side businesses are fizzling
WeWork’s side businesses are fizzling
Sarah Pontius (Credit: Union College)
Another head rolls at WeWork
Another head rolls at WeWork
WeWork's Sandeep Mathrani (Getty; Illustration by The Real Deal)
Short sellers make their move on WeWork
Short sellers make their move on WeWork
From left: A photo illustration of Industrious' Jamie Hodari, IWG founder Mark Dixon, WeWork CEO Sandeep Mathrani (Getty, Industrious, IWG, WeWork)
The 10 largest co-working operators of 2022
The 10 largest co-working operators of 2022
Alex Sapir, WeWork CEO Sandeep Mathrani, Adam Neumann and 261 Madison Avenue (Getty, 261 Madison Avenue via Sapir Organization)
Sapir: WeWork hiding behind shell companies in lease dispute
Sapir: WeWork hiding behind shell companies in lease dispute
WeWork CEO Sandeep Mathrani (Getty)
WeWork’s bleeding continues as firm cuts 40 locations
WeWork’s bleeding continues as firm cuts 40 locations
Joel Schreiber, WeWork’s first investor, under fire on multiple fronts
Joel Schreiber, WeWork’s first investor, under fire on multiple fronts
Joel Schreiber, WeWork’s first investor, under fire on multiple fronts
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...