WeWork Inks Massive Lease at 21 Penn Plaza

21 Penn Plaza In New York, Where Wework Leased 250K Sf In 2018

WeWork is continuing its leasing spree in the city, signing up for 258K SF at TH Real Estate’s 21 Penn Plaza.

The lease will see WeWork taking 10 floors in the building, the company announced Wednesday.

"In recent years, we have worked with TH Real Estate on a number of projects in and outside of the U.S., best signified by our partnership on Devonshire Square in London,” WeWork Chief Development Officer Granit Gjonbalaj said in a statement. “We are tremendously excited about bringing the WeWork community to this area, which is increasingly attracting some of the country's leading companies, and quickly transforming into one of New York’s leading business hubs."

WeWork recently signed up for 25K SF at 609 Greenwich St., owned by Centaur Properties. Tuesday, it announced a 70K SF lease at Jack Resnick & Sons' 880 Third Ave. office tower.

Last week, WeWork rolled out its newest product, HQ by WeWork, a flexible headquarters line in the mold of Knotel. The new product is targeted at midsize companies with between 11 and 250 employees. Tenants will have access to fewer services than traditional WeWork locations, but would be private to one company.

The lease at 21 Penn is not part of the HQ line, however. It will instead be another huge footprint of traditional coworking. WeWork is already the largest private office occupier in London and it is rapidly approaching that status in Manhattan, as well.

TH Real Estate the real estate investment arm of TIAA-CREF. It paid Savanna and the Feil Organization $244M in 2014 for the 16-story building.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

How Long Island Projects Can Cut Through Red Tape And Community Opposition To Cross The Finish Line

Empire State Building Observation Deck Hemorrhaging Visitors, Value

Oyster Point's Second Phase Half-Leased As Kilroy Navigates Soft Lab Demand

BXP Closes In On Next D.C. Office Development As It Shrinks Assets

Clarion Under Contract To Sell 18-Story Seaport Office Tower

Oil Company Expands Again At Cash Register Building

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner

D.C. Sues To Block HUD Headquarters Move To Virginia

Ken Griffin Completes Takeover Of Brickell Block, Setting Stage For $2.5B Megaproject