WeWork takes 110K sf on Park Avenue

Sublease spans part of Colgate's space at Tishman Speyer-owned building

New York /
Nov.November 03, 2015 03:00 PM

Now that WeWork is worth $10 billion, the company is going all suit and tie. The shared-office provider signed a sublease for 110,000 square feet at Tishman Speyer’s Colgate Building at 300 Park Avenue in Midtown.




Behind the story:

WeWork

300 Park Avenue

WeWork agreed to sublease three floors near the middle of the 770,000-square-foot building that anchor tenant Colgate-Palmolive has had on the market for more than a year, according to sources familiar with the deal.

Colliers International’s Brian Given represented Colgate along with colleagues Sheena Gohil and Steve Jaray. A representative for WeWork declined comment.

The company got its start providing short-term coworking space to Tenants On 34th Street near the Empire State Building and Soho. It has expanded its footprint in Midtown South and moved into markets in Lower Manhattan and Brooklyn.

But the white-hot startup has been creeping northward into the city’s traditional office markets with recent leases at Himmel + Meringoff’s 1460 Broadway in Times Square and the Durst Organization’s 205 East 42nd Street.

“They’re growing as they’re realizing people are embracing this model in areas where you wouldn’t normally think they would,” said Savills Studley senior managing director Bill Montana, who was not affiliated with the deal. “They continue to push the envelope, first with Bryant Park and now 300 Park. That’s a pretty conservative, entrenched business district.”

WeWork has been the city’s most active tenant through the first half of the year, signing leases totaling nearly 550,000 square feet, according to Crain’s.


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
From left: President Donald Trump, Blackstone's Jonathan Gray and Tishman Speyer's Rob Speyer (Getty)

Real estate execs, business leaders urge Trump to begin transition

Real estate execs, business leaders urge Trump to begin transition
WeWork CEO Sandeep Mathrani (Getty)

WeWork losses continue but firm sees glimmer of hope

WeWork losses continue but firm sees glimmer of hope
Jennifer Berrent (Getty)

Chief legal officer Jennifer Berrent to leave WeWork

Chief legal officer Jennifer Berrent to leave WeWork
The skating rink at Rockefeller Center (Getty)

Tishman Speyer cuts short Rock Center rink season — and not due to Covid

Tishman Speyer cuts short Rock Center rink season — and not due to Covid
One Park Avenue, Empire State Building and 5 Manhattan West (Google Maps, Wikipedia Commons)

Manhattan office availability hits highest rate since 2004

Manhattan office availability hits highest rate since 2004
arrow_forward_ios

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

Loading...