WeWork backs out of Midtown lease

WeWork is scrapping plans to move into a major Manhattan office it agreed to lease nearly two years ago, according to the Business Insider. The struggling co-working firm was set to move into a 115,000-square-foot spread at Columbia Property Trust’s 149 Madison Avenue in Midtown South this year. 

• Terminating the deal may now cost WeWork millions: The company had planned to retrofit the office, for which the landlord set aside $15.9 million.

• By the numbers: WeWork leases 8.5 million square feet in Manhattan and has about $486.3 million in annual rent committed to landlords. [BI]