The Real Deal New York

WeWork inks 236K sf lease at 1440 Broadway

The co-working firm will occupy seven floors
By Mary Diduch | December 20, 2018 01:45PM

1440 Broadway and Adam Neumann (Credit: Facebook and TechCrunch via Flickr)

WeWork, the largest office tenant in Manhattan, has signed another massive lease in the city, this time expanding its presence in Midtown.

The co-working company is taking about 236,000 square feet of space at 1440 Broadway, WeWork and the building’s owner, the CIM Group, announced Thursday.

WeWork will occupy floors 14 through 21 of the 25-story office building, which is located between Bryant Park and Times Square.

WeWork also will have its own private entrance and lobby on 41st Street. The co-working firm hopes to open the space to its members by next summer.

The firm, led by Adam Neumann, signed one of the biggest leases in the city last month, when it inked a 15-year deal for about 61,000 square feet of space at 57 East 11th Street in Greenwich Village.

CIM picked up 1440 Broadway in December 2017 from New York REIT for $520 million.

It’s is undertaking a capital improvement plan for the 749,000-square-foot property, which includes renovating the building’s 40th Street entrance and lobby and adding a roof deck.

CIM said it expects the upgrades to be done in the first quarter of 2019.

On Thursday, it was reported that SoftBank’s investors balked at a $16 billion takeover of WeWork. SoftBank has committed $8.4 billion to WeWork, which is projected to lose $2 billion this year.