WeWork signed a 64,390-square-foot lease for four floors at 130 West 42nd Street, expanding its already considerable footprint in the Bryant Park area.
China Vanke and Tribeca Associates jointly own the leasehold on the 220,000-square-foot office building, dubbed Bush Tower. The Chinese developer took over a majority stake in 2015, buying out Meadow Partners for $125 million. The Industrial and Commercial Bank of China funded the tower’s leasehold with a $80 million mortgage. Asking rents reach up to the mid-$70s per square foot.
Newmark Grubb Knight Frank’s Lance Korman represented WeWork in the lease, while Mitch Konsker, Frank Doyle, Clark Finney, Betsy Buckley and Harlan Webster of JLL represented China Vanke and Tribeca Associates. The New York Post first reported on WeWork’s lease deal.
WeWork already operates several nearby co-working spaces at 54 West 40th Street, 261 Madison Avenue and 1460 Broadway. The $16.9 billion company has been expanding rapidly, but pared back its growth plans a bit last year amid higher than expected buildout costs. Last week, The Real Deal reported that the company shook up its company structure and hired a former Starwood executive to run its co-working business. [NYP] — Konrad Putzier
(To see a selection of properties leased by WeWork, click here)