WeWork Nails Down 115K SF at 149 Madison Avenue in Midtown South
By Lauren Elkies Schram October 23, 2018 11:18 am
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WeWork has signed a lease for the entire 115,000-square-foot office portion of Columbia Property Trust’s 127,000-square-foot 149 Madison Avenue between East 31st and East 32nd Streets, the coworking company announced. That gives WeWork the entire building but for the ground floor.
“We’re delighted to have strengthened our partnership with Columbia Property Trust with the signing of another lease, our third in total, at 149 Madison Avenue,” Granit Gjonbalaj, WeWork’s chief development officer, said in a statement. “Comprising a total of 115,000 square feet, the entire office portion of the building, this will allow us to offer our fast growing community with yet another location in Midtown South. This is an area that continues to attract innovative and creative companies of all shapes and sizes, and we’re committed to expanding our presence within it.”
The 12-story building at 149 Madison Avenue has 14-foot ceiling heights and large windows. In November 2017, Columbia bought the land under the building for $87.8 million from the Schwable family, as Commercial Observer reported when the deal was in contract, “subject to a ground lease that expired in January 2018,” per a Columbia Property Trust spokeswoman. The building has been vacant since then.
Nelson Mills, the CEO of Columbia Property Trust, said in prepared remarks: “With 149 Madison, we saw a unique opportunity to create a custom-designed, boutique building that would provide a differentiated experience for tenants. WeWork shares our vision for this special building’s potential, and we look forward to working with them to position 149 Madison as an ideal home for tenants seeking high-end creative space in Midtown South.”
WeWork and Columbia Property Trust spokeswomen declined to provide any lease details, but the WeWork spokeswoman said that the location will open in the first half of 2019. Newmark (NMRK) Knight Frank‘s Brian Waterman, Scott Klau and Erik Harris represented Columbia Property Trust in the deal, per a NKF spokesman, who did not immediately provide a comment.
WeWork, which is backed by SoftBank (SFTBY) Group, has been on a tear. Just last week it announced taking 57,000 square feet at 1450 Broadway, and 138,563 square feet at 609 Fifth Avenue.
Update: This story has been edited to reflect that Newmark Knight Frank represented Columbia Property Trust in the deal.
