WeWork expands mid-sized tenant portfolio in Gramercy, Chelsea and Midtown

The company has been adding to its HQ by WeWork portfolio

New York /
Nov.November 20, 2018 04:45 PM

67 Irving Place and Adam Neumann (Credit: Google Maps and Getty Images)

WeWork continues to claim space for its mid-sized tenant segment, signing on for 95,650 square feet across three Manhattan locations.

The biggest lease transaction in the batch is at CIM Group’s 67 Irving Place, where the co-working firm is taking a 51,050-square-foot space across eleven floors. WeWork expects to open the location next February. The firm also signed a 28,600-square-foot lease at APF Properties’ 1156 Sixth Avenue and a 16,000-square-foot lease at 225 West 39th Street. Both locations are expected to open in the first half of next year. WeWork’s Arash Gohari represented his firm in the lease negotiations.
Granit Gjonbalaj, WeWork’s chief real estate development officer said that since launching HQ by WeWork in August, the company has seen “incredible demand” for the product,” as reflected by each of our existing locations opening at full occupancy.”
The firm recently signed two HQ by WeWork leases totaling 45,500 square feet at 50 West 28th Street and 599 Broadway. The firm plans to have a mid-sized tenant portfolio of 1 million square feet by next summer.
The firm is now valued at $45 billion after an additional $3 billion investment from Japanese firm SoftBank. The valuation propelled the company past home-sharing service Airbnb, making it the world’s second most valuable startup. The top spot is held by Uber, which has a $60 billion valuation. The new investment came just a month after reports came out that SoftBank was considering spending $20 billion to acquire a majority stake in WeWork. It’s unclear if the latest SoftBank injection is part of that larger sum.

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
Lela Goren and 31 West 11th Street (Getty Images, Corcoran Group)
Developer sued over debts at Downtown penthouse, Hamptons mansion
Developer sued over debts at Downtown penthouse, Hamptons mansion
From left: Robert Reffkin, Masayoshi San, and Ori Allon (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
SoftBank’s losses on Compass were $540M as of August. The brokerage’s stock is down by a third
SoftBank’s losses on Compass were $540M as of August. The brokerage’s stock is down by a third
The Wing's Lauren Kassan with 25 W 39th Street
Coworking startup The Wing shuts down
Coworking startup The Wing shuts down
A photo illustration of Joel Schreiber (right) and 146 West 57th Street (Getty Images, Google Maps)
Joel Schreiber’s Billionaires’ Row apartment faces tax foreclosure
Joel Schreiber’s Billionaires’ Row apartment faces tax foreclosure
Adam Neumann, Society Las Olas at 301 Southwest First Avenue in Fort Lauderdale, and the Stacks on Main at 535 Main Street, Nashville (Getty Images, Stacks on Main, Society Las Olas)
Inside Adam Neumann’s WeWork-ification of residential real estate
Inside Adam Neumann’s WeWork-ification of residential real estate
arrow_forward_ios

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

Loading...