WeWork on the Verge of 300,000-SF Deal at 110 Wall Street
Billy Gray Nov. 5, 2013, 12:46 p.m.
WeWork is close to signing a lease for the entirety of 110 Wall Street, Rudin Management‘s 300,000-square-foot Financial District tower that was battered by Superstorm Sandy just over a year ago.
The New York Post‘s Steve Cuozzo reports that the fast-growing co-working space is in negotiations for what would be its sixth Manhattan location and first full building lease.
The tenant inked a 120,537-square-foot deal at L&L Holding Company‘s 222 Broadway in March, adding to the roster of non-financial services altering the makeup of lower Manhattan. The three-year old company also operates out of 349 Fifth Avenue, 175 Varick Street and 261 Madison Avenue. It was reported this spring that Forest City Ratner had included plans for a 400,000-square-foot WeWork headquarters in its proposal for the Seward Park Urban Renewal Area, but that blockbuster project recently went to the team of Taconic Investment Partners, L&M Development Partners and BFC Partners. In September, The Real Deal reported that the tenant added to its downtown footprint with an 86,000-square-foot lease at 25 Broadway.
Rudin chief William Rudin canceled all the office leases at 110 Wall Street due to the extent of flood damages, and there were rumors of a residential conversion once repairs had been made. However, those plans clearly fizzled, as the Post reports that the WeWork deal should be consummated in ” a few weeks or a few months.”