WeWork signs new lease in lower Manhattan, expanding New York City bet
The new location, which spans five floors, is expected to open in December
[NEW YORK] WeWork signed a lease in lower Manhattan for a new location as coworking demand in the city rises.
The firm is taking 60,000-square-foot (5,570-square-metre) of space at 250 Broadway, according to a statement on Monday (Jul 7). The new location, which spans five floors, is expected to open in December.
“New York City holds immense value and opportunity for WeWork,” chief executive officer John Santora said in the statement. “It’s not only where the company began and now operates over three million square feet, but it’s also one of the critical launchpads for our new era of strategic growth.”
WeWork plans to invest as much as US$100 million to boost its global portfolio this year. This year to April, bookings for the firm’s monthly coworking membership were up 10 per cent in New York City, the firm said.
WeWork, which emerged from bankruptcy last year, has been embarking on a global restructuring that included cutting unprofitable leases. Santora, who previously worked at brokerage Cushman & Wakefield, was named CEO last year.
Peter Riguardi and Clark Finney of Jones Lang LaSalle represented WeWork in the lease negotiations at 250 Broadway, while the landlord, AmTrust RE, was advised by CBRE Group brokers. BLOOMBERG
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