WeWork makes first move in Plaza District

Co-working giant takes 60K sf at Charles S. Cohen's 135 E. 57th St.

New York /
Apr.April 26, 2016 08:46 AM

WeWork is planning its first co-working space in The Plaza District, New York’s most expensive office market.

The office-sharing giant, recently valued at $16 billion, took 60,000 square feet at Charles. S Cohen’s 135 East 57th Street, also known as Tower 57.

Asking rent at the space was $80 per square foot, the New York Post reported, citing sources familiar with the deal. The lease will last for 13 years.

With the deal, Cohen’s 300,000-square-foot office is now about 80 percent leased, the Post reported.

Savitt Partners’ Schoen team represented WeWork in the negotiations. Marc Horowitz represented Cohen in house.

WeWork raised $430 million in its most recent fundraising round in March. China-based private equity firm Hony Capital and its parent company, Legend Holdings, were the lead investors.

The Real Deal reported last week that Arana Hankin, WeWork’s senior vice president of external affairs, bundled $68,750 in campaign donations for Mayor Bill de Blasio’s re-election, more than any other bundler.

The company has 23 locations in the city at present, according to its website. WeWork is one of the biggest tenants in the city, with at least 2.8 million square feet of space leased. [NYP]Ariel Stulberg


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
Photo illustration of Adam Neumann (Getty, iStock/Illustration by Kevin Rebong for The Real Deal)
Adam Neumann’s WeWork golden parachute even bigger than previously reported
Adam Neumann’s WeWork golden parachute even bigger than previously reported
Wework's former and current CEOs Adam Neumann and Sandeep Mathrani (Getty, iStock)
WeWork reports $2B in losses in Q1
WeWork reports $2B in losses in Q1
WeWork CEO Sandeep Mathrani and Walter & Samuels Chairman David I. Berley with 214 West 29th Street (Google Maps)
WeWork slapped with $37M lawsuit by Chelsea landlord
WeWork slapped with $37M lawsuit by Chelsea landlord
Rich Gomel, chief investment officer of Two Sigma Real Estate platform (Crunchbase)
WeWork vet hired to launch Two Sigma’s real estate fund
WeWork vet hired to launch Two Sigma’s real estate fund
WeWork CEO Sandeep Mathrani. (Getty, WeWork)
WeWork will accept Bitcoin for membership fees
WeWork will accept Bitcoin for membership fees
arrow_forward_ios

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

Loading...