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
WeWork CEO Sandeep Mathrani, Adam Neumann and SoftBank CEO Masayoshi Son (Getty/Illustration by Kevin Rebong)
WeWork and SoftBank settle lawsuit
WeWork and SoftBank settle lawsuit
Softbank CEO Masayoshi Son and Adam Neumann (Getty/Illustration by Kevin Rebong for The Real Deal)
Adam Neumann, SoftBank near settlement agreement
Adam Neumann, SoftBank near settlement agreement
CBRE CEO Bob Sulentic and Industrious CEO Jamie Hodari (Getty, Industrious/Illustration by Kevin Rebong for The Real Deal)
CBRE acquires 35% stake in flex-office provider Industrious
CBRE acquires 35% stake in flex-office provider Industrious
WeWork CEO Sandeep Mathrani (Wikipedia Commons, iStock/Illustration by Kevin Rebong for The Real Deal)
WeWork slashes rents in some cities
WeWork slashes rents in some cities
The Yard CEO Morris Levy and 8 Herald Square (Google Maps, iStock)
The Yard expands into now-defunct Herald Square hotel
The Yard expands into now-defunct Herald Square hotel
arrow_forward_ios

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

Loading...