The Real Deal New York

WeWork is 74K sf away from being the biggest office tenant in NYC

Startup will become bigger than JPMorgan Chase
August 24, 2018 08:30AM

Adam Neumann and the shots of the Brill Building at 1619 Broadway (Credit: Wikipedia and Getty Images)

WeWork is just one lease away from becoming Manhattan’s largest office tenant.

The Adam Neumann-led co-working company would need to lease another office spanning 74,000 square feet to become bigger than Manhattan’s current largest office tenant, JPMorgan Chase, according to Recode, citing Cushman & Wakefield data. The number appears an easy get for the company, which leased about 400,000 square feet of space just last week.

WeWork currently represents slightly less than 3 percent of the city’s office space, but this number could reach 10 percent in the next decade. The firm, which recently secured another $1 billion funding round from SoftBank and is reportedly in talks for another round that would value it at $35 billion, has 57 locations throughout the city and is the only non-finance company to crack Manhattan’s top five office tenants.

The company’s recent leases include more than 75,000 square feet of space in the Brill Building at 1619 Broadway, a 258,000-square-foot lease at 21 Penn Plaza and a roughly 70,000-square-foot lease at 880 Third Avenue. The company will also now try to increase its size by offering brokers 100 percent commission if they lure tenants away from its rivals. [Recode] – Eddie Small