WeWork takes a second large space at Dumbo Heights

Shared office space giant's deal at 77 Sands St. follows a 90K sf deal at complex in August

New York /
Apr.April 16, 2015 06:40 PM

UPDATED, 11:26 a.m., April 17: Mere months after committing to 90,000 square feet at Dumbo Heights, WeWork is taking another 72,000 square feet of office space at the complex, The Real Deal has learned.

The $5 billion shared office space provider is expected to officially sign up for the space at 77 Sands Street in the next few weeks, sources said. In August, it signed a 90,000-square-foot lease at 81 Prospect Street. Dumbo Heights is being developed by a joint venture between Jared Kushner’s Kushner Cos., Aby Rosen’s RFR Realty, and Asher Abehsera’s LIVWRK.

Financial terms of the lease were not disclosed. A spokesperson for the Dumbo Heights project declined to comment on the matter.

Kushner, RFR and Invesco purchased the five-building, 1.2 million-square-foot complex – formerly known as the Watchtower buildings – for $375 million in October 2013. E-commerce firm Etsy, which just went public, will be the anchor tenant at the complex with up to 200,000 square feet of space.

WeWork, led by Adam Neumann and Miguel McKelvey, is one of the city’s most ravenous consumers of office space. It leased 240,000 square feet at 85 Broad Street earlier this year, and signed on for 125,000 square feet at the Durst Organization’s 205 East 42nd Street in December.


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
Jared Kushner and 666 Fifth Avenue (Getty, David Shankbone, CC BY 2.5 - via Wikimedia Commons)
Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale
Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale
Harbor Group International's Jordan Slone with with 51 West 52nd Street
TRD Pro: Top office sales of the past year
TRD Pro: Top office sales of the past year
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
TRD’s podcast digs into WeWork’s comeback attempt
TRD’s podcast digs into WeWork’s comeback attempt
TRD’s podcast digs into WeWork’s comeback attempt
arrow_forward_ios

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

Loading...