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Move Over JPMorgan, WeWork Says It Is Now Manhattan’s Biggest Office Tenant

WeWork Common Area Chelsea 6th Floor
A WeWork common area in the Chelsea neighborhood of Manhattan

Coworking giant WeWork says it is now the biggest office tenant in New York City, thanks to a massive lease it signed in Chelsea last month.

WeWork now has a total of 5.3M SF under its control in the city, the company announced Tuesday in a blog post from Chief Development Officer Granit Gjonbalaj. Its lease at TH Real Estate’s 21 Penn Plaza was for 258K SF, bringing WeWork to 60 locations in the city after starting the whole company with one floor in SoHo eight years ago.

WeWork already became the biggest office tenant in London and Washington, D.C., this year, Gjonbalaj wrote. In New York, the company has 50,000 members.

report last month found that WeWork — which just received $1B additional investment from SoftBank — was just 74K SF behind JPMorgan Chase as the biggest office tenant in the city.

The company, which launched a new product earlier this month aimed at midsize tenants who want their own space, is ratcheting up the pressure on its rivals by offering a 100% commission deal to brokers.