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WeWork Signs Landmark Deal With IBM For Full Manhattan Building

88 University Place in Greenwich Village
88 University Place in Manhattan

In the first deal of its kind, WeWork has reportedly struck an arrangement with computer giant IBM to manage a full office building in Manhattan.

IBM would take up 70K SF of the 10-story, 87K SF 88 University Place, and WeWork would manage the entire space for the lone tenant, rather that IBM sharing the co-working giant's classic amenities — free coffee and beer, activities, office managers — with other companies, The Real Deal reports.

The deal is a landmark for WeWork's growth strategy, which heavily involves catering to large companies like IBM. It recently received a $3B investment from SoftBank valuing it at $20B.

In February, WeWork restructured the company, bringing on executives to run three distinct divisions, including a new "enterprise" vertical under which deals like IBM would fall. WeWork signed Amazon to take two-thirds of a location in Boston's Back Bay a week later.