WeWork Ventures North to Tower 57 in Midtown
By Terence Cullen April 26, 2016 3:16 pm
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WeWork (WE) has signed a four-floor deal at Charles S. Cohen’s 135 East 57th Street between Lexington and Park Avenues, also known as Tower 57, according to a press release from the landlord. That covers 60,000 square feet, per The New York Post, which first reported news of the 13-year deal.
WeWork will be on the sixth, seventh, eighth and 11th floors of the 32-story building, per the release, which declined to provide the square footage and length of the lease. Asking rent in the deal was $80 per square foot, according to the Post.
“We are thrilled with the elite tenants that are being attracted to our property,” Mr. Cohen said in prepared remarks. “It’s an indication of the desirability of 57th Street’s easterly corridor as well as the continued demand for well located Class A office space in the Midtown district.”
Marc Horowitz of Cohen Brothers Realty represented the landlord in-house, while a team led by Michael Schoen of Savitt Partners represented WeWork.
OFF 5TH, the discount offshoot of Saks Fifth Avenue, is headed to the 56,000-square-foot retail section of the 30-year-old building formerly occupied by Daffy’s, as Commercial Observer reported in November 2015.
For WeWork, this is the most north the coworking space provider has planted its flag in Midtown, according to a map on its website. WeWork currently has a location at 300 Park Avenue between East 49th and East 50th Streets. It’s Harlem location at the under construction 5 West 125th Street between Fifth and Lenox Avenues will be its most northern location in Manhattan.
“During the past year, I was looking for space across Manhattan for WeWork, but I narrowed my focus and began researching areas where they did not have a presence,” Mr. Schoen said in a statement via a spokeswoman. “The Plaza District immediately came to mind and we’ve successfully brought the best co-working space to 135 East 57th Street, which will have an incredibly positive impact on both the building and neighborhood.”
