WeWork just inked the largest co-working deal of 2018

Unicorn startup signed a lease for 258K sf at 21 Penn Plaza

TRD New York /
Aug.August 15, 2018 03:45 PM

21 Penn Plaza and Adam Neumann (Credit: SL Green and Getty Images)

WeWork just signed one of the largest co-working lease deals in Manhattan so far this year.

The firm inked a 258,344-square-foot lease at TH Real Estate’s 21 Penn Plaza in Midtown, The Real Deal has learned. The transaction covers 10 floors of the 16-story building, with WeWork floors three, four, five, six, nine, 11, 12, 15, 16 and 17. The company’s new outpost will have private offices, conference rooms and events spaces.

Granit Gjonbalaj, WeWork’s Chief Development Officer, said that the lease, signed Wednesday, “will further enhance” the company’s relationship with TH Real Estate. The two companies previously struck a deal for WeWork’s Devonshire Square location in London.

“WeWork’s creative concept attracts high level tenants, and we look forward to extending our relationship with them through this lease.” added Nadir Settles, the Managing Director of TH Real Estate.

TH Real Estate bought the property for $250 million in 2014. The 400,000-square-foot property was previously owned by Savanna and the Feil Organization.

The transaction appears to be the largest co-working lease signed in Manhattan so far this year, according to an analysis by The Real Deal. It’s only followed by WeWork’s lease for 167,000 square feet at the Schaffer family’s 18 West 18th Street which was signed in February.

WeWork accounted for the eight largest co-working deals in the borough this year, TRD’s analysis shows. The biggest transaction done by a WeWork rival involves Knotel, which took 49,000 square feet at Wharton Properties530-536 Broadway.


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
HelloFresh’s NYC HQ (Courtesy of Industry City, HelloFresh by Eric Laignel)

HelloFresh inks Industry City deal for content studio

HelloFresh inks Industry City deal for content studio
A rendering of the Climate Solutions Center with Trust for Governors Island CEO Clare Newman and Mayor de Blasio (Rendering via WXY architecture + urban design/bloomimages; Governor's Island; Getty)

Going green: Governors Island could soon house climate center

Going green: Governors Island could soon house climate center
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
The Real Deal founder and publisher Amir Korangy and Massey Knakal founder Bob Knakal

JLL’s Bob Knakal on the future of New York

JLL’s Bob Knakal on the future of New York
Greystone Development CEO Thomas Ryan and an image of the project (Courtesy of James Hooker, Greystone)

Greystone eyes $40M-plus for Park Slope luxury apartments

Greystone eyes $40M-plus for Park Slope luxury apartments
arrow_forward_ios

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

Loading...