{"id":4663,"date":"2025-07-11T07:09:36","date_gmt":"2025-07-11T07:09:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=4663"},"modified":"2025-07-11T07:25:26","modified_gmt":"2025-07-11T07:25:26","slug":"wework-returns-to-manhattan-coworking-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/wework-returns-to-manhattan-coworking-deal\/","title":{"rendered":"WeWork Signs 60K SF Manhattan Coworking Lease, First Since 2019"},"content":{"rendered":"

WeWork has signed a 10-year lease for approximately 60,000 square feet at 250 Broadway \u2014 its first coworking deal in New York City since 2019 and its first in the U.S. since emerging from Chapter 11 bankruptcy. The coworking space provider will occupy floors 24, 25, and 27 through 29 in the AmTrust Realty-owned building. The space is set to open in December.<\/p>\n

The deal marks a measured return to growth under new ownership and CEO John Santora, a longtime Cushman & Wakefield executive. Having previously let go of hundreds of locations over the past five years, Santora said in a recent interview with CBRE<\/a> that the company is now pursuing new locations \u201cwhere it makes sense,\u201d backed by $80-100 million in planned investments this year to refresh and expand its global footprint. In a separate statement, he described New York as \u201cone of the critical launchpads for our new era of strategic growth.\u201d<\/p>\n

The 250 Broadway lease fits into WeWork\u2019s post-bankruptcy strategy of focusing on right-sized, profitable locations. While Santora has pointed to 50,000 square feet as a typical sweet spot, the company\u2019s New York portfolio remains varied \u2014 from roughly 30,000 square feet to more than 300,000 square feet at 1440 Broadway, a site largely occupied by Amazon. Notably, WeWork and Amazon have partnered on two recent Midtown deals<\/a>, although those are not traditional coworking operations.<\/p>\n

WeWork is also closing its 120,500-square-foot location at 222 Broadway later this year, as the building is redeveloped into apartments \u2014 part of a broader wave of office-to-residential conversions in Lower Manhattan. As a result, the location at 250 Broadway offers members at 222 Broadway a potentially smooth transition, with 250 set to open as 222 closes in December.<\/p>\n

\"\"
250 Broadway, Manhattan, NY<\/figcaption><\/figure>\n

Overall, WeWork has around 30 locations across Manhattan, spanning more than 3 million square feet \u2014 including roughly five in the Financial District, and others clustered around 34th Street, Midtown South, and Midtown proper.<\/p>\n

So far in 2025, WeWork has seen an uptick in demand. Between January and April, memberships increased by 10% and foot traffic rose 6%, according to data cited by Bisnow<\/a>.<\/p>\n

Meanwhile, Manhattan\u2019s office market continues to recover. The borough remained the most expensive office market in the country as of May, with average asking rents of $68.08 per square foot \u2014 even after a 4.5% year-over-year decline, per Yardi Research data. For WeWork and similar providers, those relatively higher rents create opportunities to attract tenants looking to avoid long-term commitments or upfront buildout costs.<\/p>\n

CBRE\u2019s Brad Gerla, Michael Rizzo, and Alex Benisatto, along with AmTrust RE\u2019s Anne Holker, represented the landlord. JLL\u2019s Peter Riguardi, Clark Finney, Alexander Riguardi, and Dana Goldman, as well as WeWork\u2019s Peter Greenspan and Whitney Anderson, represented the tenant.<\/p>\n","protected":false},"excerpt":{"rendered":"

WeWork has signed a 10-year lease for approximately 60,000 square feet at 250 Broadway \u2014 its first coworking deal in New York City since 2019 and its first in the U.S. since emerging from Chapter 11 bankruptcy. The coworking space provider will occupy floors 24, 25, and 27 through 29 in the AmTrust Realty-owned building. The space is set to open in December. The deal marks a measured return to growth under new ownership and CEO John Santora, a longtime Cushman & Wakefield executive. Having previously let go of hundreds of locations over the past five years, Santora said in…<\/p>\n","protected":false},"author":3163,"featured_media":4667,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,5],"tags":[],"class_list":["post-4663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coworking-spaces","category-office-news"],"acf":[],"yoast_head":"\nWeWork Signs First Coworking Deal Post-Bankruptcy<\/title>\n<meta name=\"description\" content=\"In its first U.S. coworking lease since emerging from bankruptcy, as well as its first in New York City since 2019, WeWork has signed a 10-year agreement for approximately 60,000 square feet at 250 Broadway.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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