WeWork Nearly Doubles to 100K SF at Tower 57
By Terence Cullen November 29, 2016 12:09 pm
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WeWork (WE) is quickly taking over Charles S. Cohen’s Tower 57.
Roughly seven months after signing its first lease at the building, officially at 135 East 57th Street, the coworking giant has tacked on another 40,000 square feet, according to a press release from the landlord.
That gives WeWork about 100,000 square feet at the 427,000-square-foot Midtown East building between Park and Lexington Avenues.
Asking rent in the lease was in the high-$70s per square foot, according to The New York Post, which first reported news of the deal. The lease is for 13-and-a-half years, a similar amount of time to the transaction WeWork signed in April.
In that spring deal, the shared space behemoth took 60,000 square feet across four floors, as Commercial Observer previously reported. WeWork’s new deal gives it an additional three levels at the 32-story property—the 14th through 16th, the release indicates.
Marc Horowitz of Cohen Brothers Realty Corporation, which manages the property, represented the landlord in-house, while a Michael Schoen-led team from savitt partners represented WeWork. Schoen did not immediately return a request for comment via a spokesman.
WeWork’s co-habitants at the 30-year-old building include real estate firm Olnick Organization, financial services firm Algomi Corporation and investment manager The Compass Group. Saks Off Fifth, the discount version of Saks Fifth Avenue, signed a whopping 56,000-square-foot lease in November 2015 to open one of two stores in New York City (the other is in the Sunset Park section of Brooklyn).
