{"id":1004274533,"date":"2018-10-25T03:55:07","date_gmt":"2018-10-25T11:55:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004274533"},"modified":"2022-12-09T02:15:53","modified_gmt":"2022-12-09T10:15:53","slug":"wework-takes-full-building-office-lease-in-manhattan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/","title":{"rendered":"WeWork Takes Full-Building Office Lease in Manhattan"},"content":{"rendered":"<p>By Gail Kalinoski<\/p>\n<div id=\"attachment_1004274536\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/149Madison_exteriors-19-1.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004274536\" data-attachment-id=\"1004274536\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/149madison_exteriors-19-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/149Madison_exteriors-19-1.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;5&quot;,&quot;credit&quot;:&quot;Adam Kane Macchia&quot;,&quot;camera&quot;:&quot;NIKON D810&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1473795247&quot;,&quot;copyright&quot;:&quot;Adam Kane Macchia&quot;,&quot;focal_length&quot;:&quot;22&quot;,&quot;iso&quot;:&quot;800&quot;,&quot;shutter_speed&quot;:&quot;0.2&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"149Madison_exteriors-19 (1)\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/149Madison_exteriors-19-1.jpg?w=800\" class=\"wp-image-1004274536 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/149Madison_exteriors-19-1.jpg\" alt=\"149 Madison Ave.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/149Madison_exteriors-19-1.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/149Madison_exteriors-19-1.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/149Madison_exteriors-19-1.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004274536\" class=\"wp-caption-text\">149 Madison Ave.<\/p><\/div>\n<p>WeWork has leased 115,000 square feet, the entire office portion at 149 Madison Ave., the 12-story Midtown South building owned and being renovated by Columbia Property Trust. The lease is the third between the growing shared office provider and the office REIT in Manhattan.<\/p>\n<p>Columbia will collaborate with WeWork to transform the 102-year-old building into boutique office space, with modern amenities and infrastructure. The redeveloped building, which is expected to open in 2019, will have 6,000 square feet of prime retail space with corner frontage on Madison Avenue and 32<sup>nd<\/sup> Street. Columbia admitted it was in discussions with several retailers for the space, but did not disclose names.<\/p>\n<p><em>\u201cWith 149 Madison, we saw a unique opportunity to create a custom-designed, boutique building that would provide a differentiated experience for tenants,\u201d <\/em>said Nelson Mills, CEO of Columbia Property Trust, in a prepared statement. <em>\u201cWeWork shares our vision for this special building\u2019s potential, and we look forward to working with them to position 149 Madison as an ideal home for tenants seeking high-end creative space in Midtown South.\u201d<\/em><\/p>\n<p>In a separate statement, Granit Gjonbalaj, WeWork\u2019s chief development officer, said the firm was committed to expanding its presence in Midtown South, which he described as <em>\u201can area that continues to attract innovative and creative companies of all shapes and sizes.\u201d<\/em><\/p>\n<p>Columbia Property Trust acquired the 127,000-square-foot property for $87.7 million in late 2017 from Abramson Brothers, who had owned the asset since 1998, according to Yardi Matrix data. The REIT now owns six office properties in Midtown Manhattan with a total of 1.7 million square feet and also has one building under development. With this latest lease, Columbia\u2019s Manhattan portfolio is 98 percent leased. Newmark Knight Frank handled leasing efforts for Columbia.<\/p>\n<h2>Manhattan moves<\/h2>\n<p>A week ago, WeWork leased another Midtown Manhattan office building. The deal was for 138,600 square feet at <a href=\"https:\/\/www.commercialsearch.com\/news\/wework-signs-full-building-office-lease-in-nyc\/\">SL Green\u2019s newly repositioned 609 Fifth Ave<\/a>. WeWork\u2019s office lease brought occupancy at the building to 96 percent, with only about 5,000 square feet of retail space available. PUMA previously signed a 24,000-square-foot lease for most of the newly renovated retail space.<\/p>\n<p>WeWork has been scooping up space in other parts of Manhattan in recent months as well. In August, the company signed a 15-year, 69,679-square-foot lease with Jack Resnick &amp; Sons at 880 Third Ave., an 18-story office tower in the Plaza District. The same week, WeWork signed a lease with TH Real Estate for 258,344 square feet at 21 Penn Plaza, a Class A office building at 368 Ninth Ave.<\/p>\n<p>Furthermore, Columbia and Normandy Real Estate Partners formed a joint venture last month to develop a $300 million <a href=\"https:\/\/www.commercialsearch.com\/news\/300m-office-project-coming-to-manhattans-midtown-south\/\">boutique office building at 799 Broadway<\/a> in Midtown South at the corner of 11<sup>th<\/sup> Street and Broadway. When completed in the second half of 2020, the 12-story loft-style building is set to total 182,000 square feet of boutique office space.<\/p>\n<p>Last year, Columbia acquired 245-249 W. 17<sup>th<\/sup> St., two adjoining fully leased Class A office buildings in the Chelsea submarket, and 218 W. 18<sup>th<\/sup> St., another Class A office building in the same area from New York REIT for $514 million. Twitter has its New York headquarters at 245-249 W. 17<sup>th<\/sup> St., which has 281,294 square feet.<\/p>\n<p><em>Image courtesy of Columbia Property Trust <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The deal marks the shared office provider\u2019s third lease at a Columbia Property Trust-owned building in the borough. The two companies intend to convert the 102-year-old property into boutique office space. <\/p>\n","protected":false},"author":1068,"featured_media":1004274536,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21743,21808,1600,21742,10,21747],"tags":[33221,42461,34394,33678],"class_list":["post-1004274533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-deals","category-featured","category-new-york","category-latest","category-northeast","category-office","tag-columbia-property-trust-inc","tag-coworking","tag-nelson-mills","tag-wework"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>WeWork Takes Full-Building Office Lease in Manhattan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WeWork Takes Full-Building Office Lease in Manhattan\" \/>\n<meta property=\"og:description\" content=\"The deal marks the shared office provider\u2019s third lease at a Columbia Property Trust-owned building in the borough. The two companies intend to convert the 102-year-old property into boutique office space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-25T11:55:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:15:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/149Madison_exteriors-19-1.jpg?w=800\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/\",\"name\":\"WeWork Takes Full-Building Office Lease in Manhattan - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/149Madison_exteriors-19-1.jpg\",\"datePublished\":\"2018-10-25T11:55:07+00:00\",\"dateModified\":\"2022-12-09T10:15:53+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/149Madison_exteriors-19-1.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/149Madison_exteriors-19-1.jpg\",\"width\":800,\"height\":620},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"WeWork Takes Full-Building Office Lease in Manhattan\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\",\"name\":\"Gail Kalinoski\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"caption\":\"Gail Kalinoski\"},\"description\":\"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. Gail has a bachelor\u2019s degree in journalism from Pace University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/gail-kalinoski\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"WeWork Takes Full-Building Office Lease in Manhattan - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/","og_locale":"en_US","og_type":"article","og_title":"WeWork Takes Full-Building Office Lease in Manhattan","og_description":"The deal marks the shared office provider\u2019s third lease at a Columbia Property Trust-owned building in the borough. The two companies intend to convert the 102-year-old property into boutique office space.","og_url":"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2018-10-25T11:55:07+00:00","article_modified_time":"2022-12-09T10:15:53+00:00","og_image":[{"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/149Madison_exteriors-19-1.jpg?w=800","width":800,"height":620,"type":"image\/jpeg"}],"author":"Gail Kalinoski","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/","url":"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/","name":"WeWork Takes Full-Building Office Lease in Manhattan - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/149Madison_exteriors-19-1.jpg","datePublished":"2018-10-25T11:55:07+00:00","dateModified":"2022-12-09T10:15:53+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/149Madison_exteriors-19-1.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/149Madison_exteriors-19-1.jpg","width":800,"height":620},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/wework-takes-full-building-office-lease-in-manhattan\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"WeWork Takes Full-Building Office Lease in Manhattan"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57","name":"Gail Kalinoski","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","caption":"Gail Kalinoski"},"description":"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. Gail has a bachelor\u2019s degree in journalism from Pace University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/gail-kalinoski\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/149Madison_exteriors-19-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004274533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1068"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004274533"}],"version-history":[{"count":3,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004274533\/revisions"}],"predecessor-version":[{"id":1004274587,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004274533\/revisions\/1004274587"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004274536"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004274533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004274533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004274533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}