WeWork Scoops Up 250K SF at Penn Plaza
By Rebecca Baird-Remba August 15, 2018 2:54 pm
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WeWork has leased more than 250,000 square feet at TH Real Estate’s 21 Penn Plaza.
The coworking mega-company will take 258,344 square feet across 10 floors in the 16-story building at the southeast corner of Ninth Avenue and West 31st Street. It will occupy the third through sixth floors, along with the ninth, 11th, 12th, 15th, 16th and 17th, a WeWork spokesman told CO. Asking rent and length of lease weren’t disclosed.
“In recent years, we have worked with TH Real Estate on a number of projects in and outside of the U.S., best signified by our partnership on Devonshire Square in London,” said Granit Gjonbalaj, WeWork’s chief development officer, in prepared remarks. “The lease agreement signed today for 21 Penn Plaza will further enhance our excellent relationship. We are tremendously excited about bringing the WeWork community to this area, which is increasingly attracting some of the country’s leading companies, and quickly transforming into one of New York’s leading business hubs.”
TH Real Estate is an affiliate of the investment arm of TIAA-CREF, which acquired the building from Feil Organization and Savanna for $244 million in 2014.
“TH Real Estate purchased this property with the intention of redeveloping a underutilized asset into a Class-A asset with amenities,” said Nadir Settles, the managing director of New York office investments at TH Real Estate. “WeWork’s creative concept attracts high level tenants, and we look forward to extending our relationship with them through this lease.”
WeWork has been on a leasing tear recently, inking 70,000 square feet at 880 Third Avenue earlier this week.
Newmark Knight Frank‘s Brian Waterman, Scott Klau, and Erik Harris represented TH Real Estate in the transaction, and it wasn’t clear who handled the deal for WeWork. An NKF spokeswoman declined to comment on the deal.
