WeWork Signs 55K-SF Lease at Moinian’s 245 Fifth Avenue
By Mark Hallum August 6, 2025 12:04 pm
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WeWork is digging its heels further into New York City after signing its second local lease since emerging from bankruptcy a year ago.
The flexible workspace provider signed a 55,000-square-foot lease at Moinian Group’s 245 Fifth Avenue, where it will occupy the second and fourth through sixth floors with an opening date in mid-2026, according to WeWork.
WeWork did not disclose the asking rent or the length of the lease, but asking rent in the building was $75 per square foot as recently as March.
“This planned move, which will replace an expiring lease, speaks to the continued demand for WeWork in New York City and the broader value we’re delivering around the world — access to great spaces, hospitality-driven experiences, and the flexibility businesses need to adapt and grow,” WeWork CEO John Santora said in a statement.
The expiring lease in question is the WeWork location at 27 East 28th Street, also known as 79 Madison Avenue, where the company originally signed a lease for 108,000 square feet in 2014, according to a WeWork spokesperson.
Newmark’s Scott Klau, Erik Harris, Zach Weil, Cole Gendel and Ben Klau handled negotiations on behalf of the Moinian Group, while another Newmark team of Aaron Ellison and Travis Milone represented WeWork.
Newmark did not immediately respond to a request for comment.
In early July, WeWork signed a lease for 60,000 square feet at AmTrust RE’s 250 Broadway.
“The continued demand for high-quality, modern spaces that foster innovation and collaboration has informed our strategy for each of our assets, which has resulted in the creation of spaces that go above and beyond in meeting the office needs of the businesses that call our properties home,” Joseph Moinian, founder and CEO of the Moinian Group, said in a statement.
Other tenants at 245 Fifth include the Institute of Integrative Nutrition, which renewed its 14,000-square-foot lease in March, and the offices of Dwayne “The Rock” Johnson’s tequila company Siete Bucks Spirits, which produces Teremana Tequila.
Mark Hallum can be reached at mhallum@commercialobserver.com.
