WeWork Announces New 37K-SF Location at 511 Fifth Avenue
By Mark Hallum March 10, 2026 10:59 am
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WeWork continues to build on its success coming out of Chapter 11 bankruptcy as it prepares to open another New York City location by the end of 2026.
The reinvigorated coworking firm signed a lease for 37,000 square feet across four floors of 511 Fifth Avenue, an 18-story office building owned by Jeff Sutton’s Wharton Properties and Robert Cayre’s Aurora Capital Associates. The deal represents WeWork’s third new location in New York City since repositioning itself.
The asking rent and the length of the lease were not immediately disclosed, but the average asking rent for office space in Midtown was $85.11 per square foot in February, according to a report from CBRE.
“We’re witnessing a structural shift as to how real estate is being utilized, and at 511 Fifth Avenue, we plan to bring to market a space that flexes to the needs of our various members, ranging from private offices to full office floors to coworking space,” John Santora, CEO of WeWork, said in a statement.
“Whether you’re a founder, a small business owner, or a multinational corporation seeking space for a dedicated team, you’ll have access to 37,000 square feet of premium workspace that is tailored to your unique needs rather than a one-size-fits-all solution,” Santora added.
JLL’s Peter Riguardi handled negotiations on behalf of WeWork while Mitch Konsker, also of JLL, represented the landlords in the transaction. JLL did not immediately respond to a request for comment.
The 511 Fifth Avenue location is wedged between Bryant Park and Grand Central Terminal. WeWork’s space will run across the ninth, 10th, 11th and 15th floors of the building — 9,000 square feet of which will be for a coworking lounge.
The new lease follows WeWork establishing a new 55,000-square-foot location at Moinian Group’s 245 Fifth Avenue in August 2025, and its first post-bankruptcy lease spanning 60,000 square feet across five floors at AmTrust RE’s 250 Broadway in July 2025.
While this will be its third new location since the bankruptcy proceedings wrapped up in 2024, the deal will be WeWork’s 36th location in New York City after it retained a number of its existing spots in renegotiations with landlords.
Mark Hallum can be reached at mhallum@commercialobserver.com.
