By IvyLee Rosario
WeWork has signed a lease with TH Real Estate to occupy 258,344 square feet at 21 Penn Plaza, a Class A office building located at 368 Ninth Ave., at the intersection of Ninth Avenue and West 31st Street in Manhattan. The building is within close proximity to the Penn Station, Chelsea and Hudson Yards neighborhoods.
The 16-story building was constructed in 1931 and underwent cosmetic renovations in 2002, and again in 2013. The asset offers a total of 373,138 square feet, with 12,786 of that reserved for first floor retail. Other major tenants include Langan, the New York State Department of Motor Vehicles, Dunkin Donuts and Adesso. WeWork’s new space will be located on the third floor. TH Real Estate purchased 21 Penn Plaza back in November 2014 from The Feil Org., for $244 million.
“TH Real Estate purchased this property with the intention of redeveloping an underutilized asset into a Class A asset with amenities. WeWork’s creative concept attracts high level tenants, and we look forward to extending our relationship with them through this lease.” said Nadir Settles, managing director, senior regional head, NY Office Investments at TH Real Estate, in a prepared statement.
Newmark Knight Frank’s Executive Vice Chairman Brian Waterman, Vice Chairman Scott Klau and Senior Managing Director Erik Harris represented TH Real Estate in the transaction.
In April, WeWork signed a full-building lease at 430 California St. in San Francisco. The company is occupying 252,000 square feet at the property, which is co-owned by Kennedy Wilson and Takenaka Corp.
Image courtesy of TH Real Estate