Headquarters by WeWork Takes Five Floors at 550 Seventh Avenue
By Chava Gourarie May 22, 2019 4:00 pm
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Headquarters by WeWork (WE) continued its colonization of Manhattan with a 52,477-square-foot lease at the Adler Group’s 550 Seventh Avenue in the Garment District, the company announced.
The flex office provider will take five noncontiguous floors in the Art Deco building, with floor plates ranging from 8,216 to 12,015 square feet, according to information provided by WeWork.
For decades, the 24-story building, between West 39th and West 40th Street, was the premier Garment District location for fashion brands, hosting Donna Karan, Ralph Lauren and Oscar de la Renta among many others. But turnover has changed the tenant makeup, as fashion brands move out, and other industries move in. Ralph Lauren recently vacated twelve floors, freeing up roughly half the building, and last month, designer Badgley Mischka announced plans to leave the property, as CO reported.
WeWork’s Arash Gohari handled the location scouting, working with the Kaufman Organization’s Michael Heaner, Elliot Warren and Sam Stein, who represented both the landlord and tenant in the transaction.
Kristin Fisher, president of the Adler Group, said in a prepared statement that Headquarters, which caters to medium-sized businesses, “will allow us to better cater to companies from a range of sectors including but not limited to fashion, technology, media and creative services.”
Adler has invested in renovating the building, which was built by Louis Adler in 1925, and owned by the Adler family ever since. Adler has improved the lobby, facade, and amenities, making it compatible for WeWork’s members, Fisher said.
WeWork did not provide the asking rent for the building.
