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WeWork Continues Systematic Takeover Of Manhattan With 159k SF Midtown East Lease

New York Office
New York Office
August 11, 2016 Ethan Rothstein, Deputy Managing Editor
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WeWork isn't on every office block in New York City, but these days it seems like that's what the co-working giant is trying to do.

WeWork's latest lease is at Tower 49 in Midtown East, for 159k SF across 10 floors. In that chunk of space in the 45-story, 750k SF tower, 116k SF is usable, The Real Deal reports.

The building—a block away from a WeWork location at Tishman Speyer's 300 Park Ave—is owned by Japanese firm Kato International, which bought it for $301M in 1986, a then-record $401k per SF.

WeWork has taken some public hits to its image this summer, most recently pulling back on revenue and profit projections after its $16B valuation. It has, however, also expanded its broker incentive program to help bring in new tenants, but obstacles in construction and what executives call a "spending culture" have started to cast some doubts about one of the world's most valuable sharing economy companies. [TRD]

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