WeWork is opening its first Midtown outpost.
The provider of office suites, mostly to startups and creative firms around the city, signed on for 125,000 square feet at the Durst Organization’s 205 East 42nd Street, according to Crain’s.
The 530,000-square-foot building is almost fully occupied now, the website reported. WeWork will take up seven floors in the 21-story building, including the penthouse on the top floor that includes outdoor space. The new space is WeWork’s only presence above 40th Street.
The average asking rent in the deal was $58 per square foot. WeWork was recently valued at $1.5 billion.
“At one point, people said this building was in trouble, but now we only have one floor left,” Tom Bow, a Durst Organization executive, told the website. [Crain’s] — Claire Moses