WeWork Books 12th NYC Location


205 East 42nd Street
205 East 42nd Street.

Office space provider WeWork (WE) 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.

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“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 (CWK) 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.