The Real Deal New York

WeWork takes 6 floors at Moinian’s 450 PAS

The lease covers 50,000 square feet
By Christian Bautista | July 18, 2018 05:00PM

WeWork’s Adam Neumann and 460 Park Avenue South (Credit: Getty Images and Summit Waterproofing)

WeWork is taking six floors at the Moinian Group’s 450-460 Park Avenue South in Murray Hill.

The co-working firm signed a lease for approximately 50,000 square feet, a source told The Real Deal. That accounts for half of the 12-story building, which Joseph Moinian bought in 1982. In a previous interview, he described the property as his first “serious office building.” Its current tenant roster includes tech company ShopKeep and co-working space provider Work Better.

The transaction adds to WeWork’s Manhattan deal sheet for the year. Just this past quarter, the company closed about 190,000 square feet in leases at 214 West 29th Street, 130 Fifth Avenue and 408 Broadway. It also signed a 167,000-square-foot lease at 18 West 18th Street in February.

The company’s Manhattan footprint totaled 4.1 million square feet in the first quarter, according to a study from CBRE. The total amounts to a 45 percent share of the market. By the end of the year, the company expects to increase its number of locations worldwide to 400.

The new outpost is about nine blocks south of the Lord & Taylor flagship at 424 Fifth Avenue, which WeWork and partner Rhone Capital bought for $850 million last October. The property will be the future site of WeWork’s global headquarters.

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