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
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.
Manhattan Market Report
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.