WeWork to expand at 25 Broadway

Shared office space provider to take further 42,371 square feet at Downtown building

TRD NEW YORK /
Mar.March 05, 2014 06:57 PM

Shared office space provider WeWork is in advanced discussions to up its presence at ACTA Realty’s Cunard Lines Building at 25 Broadway, The Real Deal has learned. WeWork is looking to take the entire fifth floor of about 42,371 square feet, which would give it just under 129,000 square feet at the building.

WeWork is likely to pay rents starting in the low-$30s for the fifth-floor space at the 22-story, 858,000-square-foot neo-Renaissance tower, according to CompStak data. That’s in line with the $56 million September deal in which the company took 86,000 square feet on the entire ninth and 10th floors of the building, as TRD reported.

CBRE’s Richard Levine, Gary Kamenetsky, Bruce Surry and Stephen Siegel represent the building, while their colleagues Derrick Ades and Barry Finkelman are representing WeWork in the discussions. None of the brokers could be reached for comment by press time.

WeWork, founded by Adam Neumann, is among the top players in the explosive shared office space market, with an estimated footprint of more than 650,000 square feet in New York City. Recent deals include a 115,000-square-foot deal at 113-133 West 18th Street, and a 63,300-square-foot deal at 401 Park Avenue South.


Related Articles

arrow_forward_ios
Wendy Silverstein (Credit: Getty Images)

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

Sarah Pontius (Credit: Union College)

Another head rolls at WeWork

Adam Neumann and some of the properties, Museum Place and 225 West Julian in San Jose 

Adam Neumann no longer has a vision for San Jose

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

Softbank CEO Masayoshi Son (Credit: Getty Images)

After WeWork debacle, SoftBank suspends plan for second Vision Fund

WeWork's Marcelo Claure with activist investor Paul Singer (left) and Softbank CEO Masayoshi Son (right) (Credit: Getty Images)

WeWork’s Marcelo Claure promises profitability, talks SoftBank shakeup

From left: Lewis Frankfort of Flywheel Sports, Rhône’s Steve Langman, and SoftBank's Ronald Fisher, Mark Schwartz and SoftBank executive Kirthiga Reddy (Credit: Stanford University; SoftBank; Getty Images; iStock)

Exclusive: 3 WeWork board members depart, another to follow

arrow_forward_ios
Loading...