The Real Deal New York

WeWork takes three floors at Olnick’s 130 Fifth Avenue

The $20B co-working firm signed a nearly 30,000 square foot lease
By Christian Bautista | June 01, 2018 06:03PM

Adam Neumann and 130 Fifth Avenue

WeWork is taking three floors at the Olnick Organization’s 130 Fifth Avenue.

The firm, which was valued at $20 billion after its most recent fundraising round last Augustsigned a nearly 30,000-square-foot lease at the 11-story building, a source told the Real Deal. WeWork’s newest outpost is at the corner of 18th Street and Fifth Avenue, and is the firm’s ninth space in the Flatiron District. Other locations in the neighborhood include 135 Madison Avenue, 33 Irving Place and 401 Park Avenue South.

The company’s Manhattan footprint totaled 4.1 million square feet during the first quarter of this year, according to a recent study from CBRE. This amounts to a 45 percent market share, which is more than the next ten operators combined.

WeWork recently expanded its reach in Chelsea, with a 167,000-square-foot lease at 18 West 18th Street and a 100,000-square-foot lease at 214 West 29th Street.

Olnick acquired the 141,000-square-foot property in 2000, according to property records. Tenants include Omnicom subsidiary and brand consultancy Interbrand, residential listings website StreetEasy, Louis Vuitton parent LVMH and brokerage firm Brown Harris Stevens.

Representatives for WeWork and Olnick were not immediately available for comment.