WeWork could soon be Manhattan’s largest office tenant

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Lord & Taylor is closing its famous Fifth Avenue store

WeWork might change into the biggest workplace tenant in Manhattan.

The corporate is negotiating a lease in 1 World Commerce Middle to take over about 200,000 sq. toes within the constructing, a supply near the deal informed CNNMoney.

WeWork lately grew to become the second-largest renter of workplace area within the borough, in line with a Cushman & Wakefield report earlier this month. WeWork trails nearly 74,000 sq. toes behind JPMorgan’s New York tenancy. If the deal goes via, WeWork would surpass the financial institution.

That is a feat for the New York-based coworking area firm, which is simply eight years outdated.

Crain’s New York Enterprise first reported that WeWork was near finalizing a lease at 1 World Commerce Middle. WeWork declined to remark.

Within the first half of 2018, WeWork snapped up eight occasions as a lot newly leased area in the USA as the following 9 largest companies mixed, in line with Cushman & Wakefield. There’s room for extra: Coworking makes up simply 1% of complete workplace area in the USA, in line with the report.

WeWork now operates in additional than 20 nations and gives tiered pricing plans for coworking areas that may run greater than $1,000 a month, relying on whether or not the member desires a non-public workplace or only a desk. WeWork additionally has enterprise choices, with clients together with Microsoft (MSFT) and Financial institution of America (BAC).

WeWork was valued at $20 billion when SoftBank invested $four.four billion final 12 months. The corporate is reportedly seeking to increase funds that might worth it as excessive as $35 billion.

The corporate has expanded its enterprise into training (WeGrow), well being and health (WeRise), and coliving (WeLive).

1 World Commerce Middle is the tallest within the Western Hemisphere. It’s a public-private partnership between the Port Authority of New York and New Jersey and the Durst Group, which manages the property.

Durst Group and a spokesperson for the Port Authority of New York and New Jersey didn’t instantly reply to requests for remark.

CNNMoney (New York) First printed August 31, 2018: 11:15 AM ET

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