WeWork gobbles up another office building

Co-working giant takes full office portion of Columbia Property Trust’s 149 Madison

TRD New York /
Oct.October 23, 2018 11:01 AM
WeWork, 149 Madison Avenue, Columbia Property Trust

149 Madison Avenue, Nelson Mills, and Adam Neumann (Credit: Google Maps and Getty Images)

WeWork signed a lease for the full 115,000 square feet of office space at Columbia Property Trust’s 149 Madison Avenue in Midtown South, the companies announced.

Sitting at the corner of Madison Avenue and East 32nd Street, the building stands 12 stories tall and included 6,600 square feet of retail, which Columbia said it is in active talks to lease.

Terms of the deal were not available. Brian Waterman, Scott Klau and Erik Harris at Newmark Knight Frank were the sole brokers on the deal, representing the landlord.

WeWork, which is backed by SoftBank Group’s Vision Fund, is expanding rapidly as the Japanese bank considers another investment that could be as much as $20 billion.

That growth has not been without its pains, though. Last week, WeWork parted ways with former real estate head Mark Lapidus – who was one of the company’s earliest employees – amid a leadership shakeup in the real estate department.

Columbia Property Trust late last year bought the fee position at 149 Madison from the Schwable family for $87.7 million. In January, the 60-year leasehold on the property owned by Abramson Brothers expired, giving Columbia full control of the property.

Earlier this month, WeWork announced that it had taken all 139,000 square feet of office space at SL Green Realty’s 609 Fifth Avenue.


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
Miguel McKelvey (Getty)

Miguel McKelvey out at WeWork

Miguel McKelvey out at WeWork
WeWork CEO Sandeep Mathrani (Wikipedia, iStock)

What would a WeWork bankruptcy look like?

What would a WeWork bankruptcy look like?
Mayor Bill de Blasio and Gov. Andrew Cuomo (Getty, Paul Dilakian)

Despite looting, NYC reopening on track: Cuomo

Despite looting, NYC reopening on track: Cuomo
From left: Moishe Mana, Marcelo Claure, Robert Reffkin, and Audrey Gelman (Credit: Jemal Countess, Aaron Davidson, Jean Baptiste Lacroix, Joshua Lott and Sean Rayford, via Getty Images)

“We must do better”: Real estate leaders move to address discrimination in industry

“We must do better”: Real estate leaders move to address discrimination in industry
(Tomohiro Ohsumi/Getty Images)

WeWork, SoftBank hit with class action over failed IPO

WeWork, SoftBank hit with class action over failed IPO
arrow_forward_ios

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

Loading...