Office space provider WeWork signed a 15-year, 125,000-square-foot lease at the Durst Organization‘s 205 East 42nd Street in Midtown East, the Durst Organization announced today.
The new deal gives the growing workspace-renting company its 12th location in the city, with a 13th set to open in Brooklyn’s Dumbo neighborhood soon. WeWork took seven floors, including the 21st-story penthouse, at the East 42nd Street property that carried asking rents of $58 per square foot, according to Crain’s New York Business, which first reported the deal.
“It’s a loft-like building, so it has the character of their other buildings,” Durst broker Thomas Bow told Commercial Observer. “There aren’t very many loft-like buildings in Midtown Manhattan. They have generally done less steel and glass so this will fit well into their profile. Being close to public transportation is a big plus also.”
Mr. Bow represented the landlord in-house in the transaction, while Cushman & Wakefield brokers Jonathan Serko, Richard Serko, Mitchell Barnett and Bill Lee represented the tenant.
The 530,000-square-foot building now has only one 30,000-square-foot floor available, Mr. Bow noted. Durst also closed agreements with the City University of New York chancellor’s office, the United Way and Fedcap Rehabilitation Services for 30-year office condos totaling 280,000 square feet, he said.
Representatives for C&W didn’t immediately respond to a request for comment.