{"id":1004767768,"date":"2025-08-07T01:18:44","date_gmt":"2025-08-07T09:18:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004767768"},"modified":"2025-08-08T01:42:55","modified_gmt":"2025-08-08T09:42:55","slug":"wework-signs-55-ksf-manhattan-lease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wework-signs-55-ksf-manhattan-lease\/","title":{"rendered":"WeWork Signs 55 KSF Manhattan Lease"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/245-Fifth-Ave-edited.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"809\" height=\"607\" data-attachment-id=\"1004767780\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/245-fifth-ave-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/245-Fifth-Ave-edited.jpg\" data-orig-size=\"809,607\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"245 Fifth Ave.\" data-image-description=\"&lt;p&gt;Exterior shot of the ground floor of 245 Fifth Ave. in Manhattan&lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/245-Fifth-Ave-edited.jpg?w=809\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/245-Fifth-Ave-edited.jpg\" alt=\"Exterior shot of the ground floor of 245 Fifth Ave. in Manhattan\" class=\"wp-image-1004767780\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/245-Fifth-Ave-edited.jpg 809w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/245-Fifth-Ave-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/245-Fifth-Ave-edited.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 809px) 100vw, 809px\" \/><\/a><figcaption class=\"wp-element-caption\">The office building at 245 Fifth Ave. dates back to 1927. <em>Image courtesy of The Moinian Group<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>WeWork has signed a lease for 55,000 square feet at 245 Fifth Ave. in Manhattan. The new location is expected to open in mid-2026 and will include four floors of the 304,537-square-foot building, the second and the fourth, fifth and sixth. Newmark represented both parties.<\/p>\n\n\n\n<p>The new space will replace an expiring lease, WeWork CEO John Santora said in a statement. That location is at 27 E. 28th St., where the company originally committed to 108,000 square feet in 2014.<\/p>\n\n\n\n<p>WeWork\u2019s new location will comprise various space types, including dedicated private offices, meeting rooms and a coworking lounge. <\/p>\n\n\n\n<p>The lease is the second in New York for WeWork since emerging from bankruptcy last year. In July, the company <a href=\"https:\/\/www.commercialsearch.com\/news\/wework-signs-60-ksf-lease-in-lower-manhattan\/\">signed a lease for 60,000 square feet<\/a> at 250 Broadway in Manhattan&#8217;s Financial District.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-century-old-manhattan-building\">A century-old Manhattan building<\/h2>\n\n\n\n<p>Thor Equities acquired a controlling interest in the property at 245 Fifth Ave. from Goldman Sachs&nbsp;in 2011 for $161.5 million. The Moinian Group had purchased a minority ownership stake in 2007. <\/p>\n\n\n\n<p>The 1927-vintage building, which features a recently renovated art deco lobby, is near public transit, hotels and restaurants. The 24-story tower, with floorplates ranging from 4,769 to 15,375 square feet, also includes 12,500 square feet of ground-floor retail, according to Yardi Research Data. Before the WeWork lease, the property was 38.3 percent vacant.<\/p>\n\n\n\n<p>Newmark&#8217;s Scott Klau, Erik Harris, Zach Weil, Cole Gendel and Ben Klau represented the landlord in the deal. In addition, the firm&#8217;s Aaron Ellison and Travis Milone negotiated on behalf of the tenant.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-coworking-sector-stabilizes\">Coworking sector stabilizes<\/h2>\n\n\n\n<p>The coworking sector is undergoing a period of consolidation, according to <a href=\"https:\/\/www.coworkingcafe.com\/blog\/national-coworking-report\/\" target=\"_blank\" rel=\"noreferrer noopener\">a CoworkingCafe report<\/a>. Following a space expansion in the first quarter of 2025\u2014an increase of 3 percent in coworking square footage\u2014the U.S. coworking market appears to be moving away from the post-pandemic growth phase that characterized much of the last two years and toward a more measured footprint. In Q2 2025, the sector&#8217;s growth was only 0.3 percent.<\/p>\n\n\n\n<p>Manhattan, which is still <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-coworking-space-share-commercialedge\/\">the nation\u2019s largest coworking market<\/a> by square footage, nevertheless saw its total footprint shrink by 4 percent during the second quarter. But the average size of its remaining spaces increased modestly, pointing to an industry pivot toward fewer, but larger and more high-end venues, CoworkingCafe reported.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is the second recent commitment in New York City for the coworking giant.<\/p>\n","protected":false},"author":1023,"featured_media":1004767780,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,52118,1600,21742,10,21747],"tags":[42461,50999,33991,33678],"class_list":["post-1004767768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-coworking","category-new-york","category-latest","category-northeast","category-office","tag-coworking","tag-newmark","tag-the-moinian-group","tag-wework"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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