Leases  ·  Office

WeWork Nails Down 55K SF in Midtown South


Coworking giant WeWork has signed a lease for 55,000 square feet at 450-460 Park Avenue South, a source with knowledge of the deal told Commercial Observer.

That space spans six of the 12 stories at The Moinian Group’s property between East 30th and East 31st Streets, purchased in 1982, as The Real Deal first reported. Asking rent and length of lease weren’t immediately available, but according to CoStar Group, there is 90,950 square feet available for lease in the 200,000-square-foot building with an estimated office rent of $50 to $61 per square foot.

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Winick Realty Group’s Jeff Winick brokered the deal for WeWork, the source told CO. A Winick spokeswoman declined to comment as did a spokesman for WeWork.

“We’re excited to be part of WeWork’s ongoing expansion in New York City and this… multi-floor lease will make for a great addition to the diverse tenant roster at our commercial offerings,” Gregg Weisser, a senior vice president of commercial and retail leasing at Moinian, said in an emailed statement. “The Moinian portfolio of properties in Midtown South are perfectly positioned to take advantage of the hottest market in the country.”

Other tenants and subtenants in the Midtown South building include ShopKeep, a tablet-based POS for retailers and restaurants, which subleases 23,400 square feet from sublandlord Deep Focus, and California-based software company Pipedrive leases 8,000 square feet, both which CO previously reported.