The Real Deal with CompStak: WeWork to expand at 25 Broadway

The shared space industry continues to grow. Read more about the most recent WeWork deal below or on The Real Deal.

WeWork to expand at 25 Broadway

Shared office space provider to take further 42,371 square feet at Downtown building
March 05, 2014 06:57PM By Hiten Samtani 25 Broadway and WeWork's Adam Neumann Shared office space provider WeWork is in advanced discussions to up its presence at ACTA Realty’s Cunard Lines Building at 25 Broadway, The Real Deal has learned. WeWork is looking to take the entire fifth floor of about 42,371 square feet, which would give it just under 129,000 square feet at the building. WeWork is likely to pay rents starting in the low-$30s for the fifth-floor space at the 22-story, 858,000-square-foot neo-Renaissance tower, according to CompStak data. That’s in line with the $56 million September deal in which the company took 86,000 square feet on the entire ninth and 10th floors of the building, as TRD reported. CBRE’s Richard Levine, Gary Kamenetsky, Bruce Surry and Stephen Siegel represent the building, while their colleagues Derrick Ades and Barry Finkelman are representing WeWork in the discussions. None of the brokers could be reached for comment by press time. WeWork, founded by Adam Neumann, is among the top players in the explosive shared office space market, with an estimated footprint of more than 650,000 square feet in New York City. Recent deals include a 115,000-square-foot deal at 113-133 West 18th Street, and a 63,300-square-foot deal at 401 Park Avenue South.