Teach for America, the popular program that prepares and places recent college graduates in underserved school systems throughout the country, had occupied offices at 519 Eighth Avenue and 315 West 36th Street in Midtown. But when these leases co-terminated, there was an opportunity to assess the city’s real estate market and the organization’s real estate strategy for its New York hub.
“We scoured the entire city [for space],” said Adam Wiseman, the managing director of facilities at TFA, who said the search took the organization from Brooklyn all the way up to Harlem. “It is difficult to be well located for us because we have teachers in all the boroughs.”
Shared office space provider WeWork is taking 108,000 square feet at Colliers International’s 79 Madison Avenue, between 28th and 29th Streets, The Real Deal reported.
The 15-year-lease spanning floors two through seven brings WeWork’s square footage in the city to around 800,000. Read More
The scaffolding will soon come down at WeWork‘s offices at 175 Varick Street, Marc Spector, a principal at Spector Group, told Commercial Observer, and the façade work will be completed by the end of March.
Spector Group was charged with creating an entirely new base to the exterior façade at 175 Varick Street for the national collaborative workspace provider. The upgrades include a dark grey grid façade and large portals of glass with black window mullions.
WeWork continues its expansion with a new lease in Midtown South.
The office space provider for tech and new media companies will open a 63,300-square-foot office spanning the eighth, ninth, and tenth floors of Meringoff Properties-owned 401 Park Avenue South. The office marks the first in Midtown South, adding to its portfolio of places throughout the downtown area.
Just months after taking over 120,000 square feet Downtown at 222 Broadway, WeWork is reportedly taking another 86,000 square feet down the street in a 20-year lease at 25 Broadway.
After a one-year period of free rent, the collaborative work space provider will begin paying in the low-$30s per square foot for the 9th and Read More
Manhattan Market Report
Planet Fitness, the New Hampshire-based fitness center that operates approximately 30 locations in the tristate area, will expand its presence below 95th Street with a 29,500-square-foot space at 423 West 55th Street and the signing of a 28,576-square-foot space at 25 Broadway.
The gym on 55th Street will have a 24,500-square-foot ground floor base and a 5,000-square-foot mezzanine. The slightly smaller lease will consist of a 832-square-foot entrance and two lower levels of about 14,000 square feet each.
Though it still makes up just two percent of the Manhattan office market’s total inventory, a number of significant deals have caused a surge in the education sector’s Manhattan footprint.
A report from CBRE attributes the 47 percent jump in office space leased by the sector – between 2005 and November 2012 – to a growing residential population, increases in enrollment at universities, campus expansions, greater availability and lower asking rents in sections of Midtown South and Downtown.
Healthfirst is expanding by roughly 60,000 square feet at 100 Church Street.
The company, a healthcare provider, already occupies about 170,000 square feet at the property, space it took last year in a move to relocate and consolidate its operations in the city.