WeWork is inching its way toward becoming the largest office tenant in Manhattan, signing an 18,200-square foot lease at Waterfront New York Realty’s 231 11th Avenue.
The firm, which is 74,000 square feet away from dethroning JPMorgan Chase, is adding to its collection of Chelsea leases this year. The company signed a 167,000-square-foot lease at the Schaffer family’s 18 West 18th Street last February then followed up with a 100,000-square-foot deal at 214 West 29th Street.
The co-working company was expected to reach the milestone through a lease at the World Trade Center. It was reportedly bidding for 12 floors in a lease transaction worth around 220,000 square. However, negotiations fell through.
WeWork’s latest outpost will be located in a six-story, 630,100-square foot building that nearly occupies a full city block between West 25th and West 26th Streets. Waterfront, which operates the Terminal Stores office and retail complex a block away, jointly owns the site with the city’s Department of Sanitation, property records show. The city acquired the building through eminent domain in 1987. It was previously used as a repair shop for sanitation trucks. It is now the location of bookstore Printed Matter and Bedrock Mini-Storage.
WeWork’s footprint currently amounts to less than three percent of Manhattan’s office space. This figure is projected to grow to 10 percent over the next decade.
WeWork declined to comment. Waterfront did not immediately return a request for comment.