WeWork takes three floors at Olnick’s 130 Fifth Avenue

The $20B co-working firm signed a nearly 30,000 square foot lease

New York /
Jun.June 01, 2018 06:03 PM

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.


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
From left: Masayoshi Son, chief executive officer, Softbank; Marcelo Claure, executive chairman, WeWork (Softbank, Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
WeWork’s Marcelo Claure to leave SoftBank: reports
WeWork’s Marcelo Claure to leave SoftBank: reports
WeWork buys Dallas-based Common Desk in first acquisition since going public
WeWork buys Dallas-based Common Desk in first acquisition since going public
WeWork buys Dallas-based Common Desk in first acquisition since going public
Former WeWork CEO Adam Neumann (Getty Images, iStock, Yard 8 Miami, Stacks on Main, Trulia, Power Design Inc., Inkwell Decatur, Wikipedia, Illustration by Kevin Cifuentes for The Real Deal)
Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
WeWork, Neumann join forces against Sapir in lease dispute
WeWork, Neumann join forces against Sapir in lease dispute
WeWork, Neumann join forces against Sapir in lease dispute
“WeCrashed,” starring Jared Leto as Adam Neumann, is set to premiere on March 18 (Wikipedia, Getty Images)
Watch: Apple drops first trailer for WeWork series starring Jared Leto
Watch: Apple drops first trailer for WeWork series starring Jared Leto
arrow_forward_ios

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

Loading...