WeWork Continues Systematic Takeover Of Manhattan With 159k SF Midtown East Lease
WeWork's latest lease is at Tower 49 in Midtown East, for 159k SF across 10 floors. In that chunk of space in the 45-story, 750k SF tower, 116k SF is usable, The Real Deal reports.
The building—a block away from a WeWork location at Tishman Speyer's 300 Park Ave—is owned by Japanese firm Kato International, which bought it for $301M in 1986, a then-record $401k per SF.
WeWork has taken some public hits to its image this summer, most recently pulling back on revenue and profit projections after its $16B valuation. It has, however, also expanded its broker incentive program to help bring in new tenants, but obstacles in construction and what executives call a "spending culture" have started to cast some doubts about one of the world's most valuable sharing economy companies. [TRD]