WeWork is 74K sf away from being the biggest office tenant in NYC
Startup will become bigger than JPMorgan Chase
WeWork is just one lease away from becoming Manhattan’s largest office tenant.
The Adam Neumann-led co-working company would need to lease another office spanning 74,000 square feet to become bigger than Manhattan’s current largest office tenant, JPMorgan Chase, according to Recode, citing Cushman & Wakefield data. The number appears an easy get for the company, which leased about 400,000 square feet of space just last week.
WeWork currently represents slightly less than 3 percent of the city’s office space, but this number could reach 10 percent in the next decade. The firm, which recently secured another $1 billion funding round from SoftBank and is reportedly in talks for another round that would value it at $35 billion, has 57 locations throughout the city and is the only non-finance company to crack Manhattan’s top five office tenants.
The company’s recent leases include more than 75,000 square feet of space in the Brill Building at 1619 Broadway, a 258,000-square-foot lease at 21 Penn Plaza and a roughly 70,000-square-foot lease at 880 Third Avenue. The company will also now try to increase its size by offering brokers 100 percent commission if they lure tenants away from its rivals. [Recode] – Eddie Small