WeWork Signs Big Chelsea Lease With Eyes On Another Corporate Tenant
The co-working industry leader signed a 122K SF lease at 154 West 14th St. in Chelsea on the edge of Greenwich Village, The Real Deal reports. The 15-year lease, brokered by Koeppel Rosen, is for the vast majority of the 166K SF building owned by Abner Properties.
WeWork made no grand announcement around its lease because it is marketing the property to users who would take the full space, according to TRD. If completed, it would be a deal similar to the one with Amazon at 2 Herald Square and IBM at 88 University Place, a short walk from 154 West 14th. WeWork began catering to tenants of a scale far greater than the classic entrepreneurial image associated with co-working when it reorganized early last year.
Though it has not confirmed any connection with its targeting of major companies, WeWork's most recent leases in New York have mostly been larger than the locations it broke into the market with. At the end of January, it signed a 112K SF lease in the Plaza District, and TRD reports that it is marketing space at the Lord & Taylor flagship store it purchased last year for an Amazon-style deal.
WeWork CEO Adam Neumann also purchased a site elsewhere in Chelsea with 243K SF of development rights in November, for purposes that remain unclear to the public.