The largest tenant in NYC continues rapid expansion
WeWork has signed a new lease at 575 Lexington Avenue in the Midtown East. The lease spreads across five floors and is for 117,000 square feet of space, according to a company press release.
Why it matters: The office tower (740,000 SF) is owned by a joint venture between Angelo Gordon & Co., George Comfort & Sons, and Normandy Real EstatePartners. With this deal, the trio become the latest landlords to demonstrate a tolerance for WeWork as a significant tenant.
Sound Smart: Leasing a few floors to a co-working company is often justified because it helps attract a major TAMI tenant. This is a major lease and is another win for WeWork.