WeWork takes 78K sf at Metropolitan Tower

Co-working company to occupy five full floors at 142 West 57th

New York /
Sep.September 08, 2016 12:10 PM

Co-working giant WeWork doesn’t appear to be slowing down, at least where leasing office space in concerned.

The company has struck a deal to take 77,930 square feet at Mitsubishi Corporation and L&L Holding Company’s Metropolitan Tower at 142 West 57th Street, the Commercial Observer reported.

WeWork’s space is slated to span the entire sixth, seventh, eighth, 10th and 11th floors at the 531,700-square-foot tower, the newspaper reported. The company will share the building with tenants like hedge fund Hutchin Hill Capital, Och-Ziff Capital Management and Fifth Third Bank.

Asking rents at the building range from the mid-$60s to the low-$80s per square foot. WeWork will be paying $70 per square foot in the 16-year deal.

In March, Mitsubishi bought a 98.6 percent stake at the property for $163 million. L&L has the remaining stake.

WeWork has had a tough time of it lately. The company was valued at $16 billion as of March, but downgraded its profit projections by a staggering 78 percent earlier this year. It has also scaled back its co-living operations, due to its higher-than-expected construction costs.

It’s also managed to irritate a few neighbors at its construction at 33 Irving Place, where there have been complaints about noise into the night.  [CO]Miriam Hall


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, Co-working,
Good news for WeWork: It only lost $635M last quarter
Good news for WeWork: It only lost $635M last quarter
Adam Neumann and 227 Honey Hollow Road in Bedford Hills (Getty, Compass)
Adam Neumann lists (another) Westchester estate
Adam Neumann lists (another) Westchester estate
Arch's Jeffrey Simpson and Adam Neumann with 88 University Place (Arch Companies, Getty, Google Maps)
Former WeWork hub, hollowed out by IBM’s exit, gets $70M refi
Former WeWork hub, hollowed out by IBM’s exit, gets $70M refi
Incoming WeWork CFO Andre Fernandez (WeWork, iStock)
WeWork names new CFO
WeWork names new CFO
Upflex co-founders Christophe Garnier and Ginger Dhaliwal (Upflex, LinkedIn/Ginger Dhaliwal, iStock)
Upflex raises $30M, signaling rise of flex-office aggregators
Upflex raises $30M, signaling rise of flex-office aggregators
arrow_forward_ios

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

Loading...