WeWork Signs Big New Lease In Plaza District
WeWork's aggressive expansion shows no signs of slowing down, as it has taken more space in Manhattan's Plaza District.
The co-working industry leader signed a 112K SF lease at 750 Lexington Ave., a 400K SF office building owned by Charles Cohen's Cohen Brothers Realty Corp., the New York Post reports. The new lease brings the building's office occupancy up to 95%.
WeWork already had a 60K SF location in the Plaza District at 135 East 57th St., also with Cohen Brothers, that it leased in 2016. Its new lease at 750 Lexington is the largest office lease in the neighborhood in over a year, according to the Post.
Though WeWork now manages over 2M SF in New York, its activity goes far beyond gobbling up space. It has partnered with such diverse enterprises as a coding academy, a news network, Lord & Taylor, Samsung and prestigious universities such as Yale and NYU. It has also added co-living, a fitness brand and even an elementary school to its list of ventures.
Compared to such diversity, another simple co-working lease may seem ho-hum, but 110K SF at a reported asking rent of $80/SF is nothing to sneeze at. Among WeWork's neighbors at 750 Lexington are law firm Brewer, Attorneys & Counselors and biotech firm Stemline Therapeutics. WeWork did not retain a broker for its lease, and Cohen was represented in-house.
