The Real Deal New York

WeWork takes 100K sf in Chelsea

Co-working firm signed a lease for six floors at 214 West 29th Street
By Christian Bautista | May 11, 2018 01:20PM

Adam Neumann and 214 West 29th Street (Credit: Getty Images)

WeWork is gobbling up even more space in Chelsea.

The $20 billion co-working company signed a 100,000-square-foot lease at Walter & Samuels’ 214 West 29th Street, the firm told The Real Deal. The agreement, which was signed last month, covers floors two through eight.

The property is in the same area as WeWork’s headquarters at 115 West 18th Street. The company reportedly pushed out about 500 members from the building last year to make way for its own corporate offices. However, the property’s designation as WeWork’s center of operations is nearing its expiration date. The company plans to move its headquarters to the Lord & Taylor flagship store at 424 Fifth Avenue.

WeWork’s new location is a 16-story, 125,000-square-foot building that sits between Sixth and Seventh avenues. Walter & Samuels has owned the property since the mid-1970s, according to property records. The building is currently backed by a $45 million Citibank loan from 2017.

A WeWork spokesperson declined to provide the asking price for the space.

Office tenants in the building include event production firm Blueprint NYC, textile retailer Katie Leede & Company, communication consultants Nolan Lehr Group and Restoration Hardware. The commercial spaces, meanwhile, house clothing retailers Andy Fur, Inc., and Pollacks Furriers Supply Corporation.

The transaction comes just a few months after another WeWork deal in the neighborhood. In February, the firm signed a 167,000-square-foot lease for the entire office potion of 18 West 18th Street. The company is also reportedly looking to lease Town Residential’s Union Square location at 33 Irving Place.