World Trade Center Lease Would Make WeWork NYC's Largest Office Tenant
WeWork is close to signing a huge lease at One World Trade Center, a move that would make the coworking giant the biggest office tenant in the city.
The lease in the 3M SF tower is slated to be around 200K SF, Crain’s New York Business reports. The news of the deal comes as Moody’s announced it would no longer rate WeWork, saying it doesn’t know enough about the company to assess its creditworthiness, according to Bloomberg.
The building, the tallest office building in the city, is owned by the Port Authority and the Durst Organization. Newmark Knight Frank New York Tri-State Region President David Falk took over leasing in the building in April, and then launched a new marketing campaign focusing on the millennial-driven firms already there.
That same month, Condé Nast put 350K SF on the sublease market, reducing its 1M SF footprint in the tower.
WeWork, 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. The company is 74K SF behind JPMorgan Chase as the biggest office tenant in the city, according to Recode, so a 200K SF lease at WTC would put it comfortably in the lead.