WeWork Adds 750 Lexington Avenue to its Shared-Workspace Offerings
Coworking Company Signs Lease for Approximately 100,000 SF
WeWork will open its next office-space offering at 750 Lexington Ave., CoStar News can confirm.
The co-working giant is readying the space to tour with prospective tenants following a new lease that spans roughly 100,000 square feet in the building, CoStar Group has learned, and the office will open in February 2018.
Also known as the International Plaza building, 750 Lexington is a 386,287-square-foot, 4-Star office property situated between 59th and 60th Streets in the Plaza District submarket of Manhattan. About 11,500 square feet are designated for retail use in the 31-story steel tower that was constructed in 1989. WeWork would be the building’s largest tenant, joining designer Jimmy Choo, alternative investment specialist Lumx Group and asset manager Invus Group and others in the building. The building landlord, Cohen Brothers Realty Organization, also maintains 14,700 square feet there for its operations.
According to a report by Trepp, WeWork’s lease secures a $130 million CMBS loan attached to the building. That loan is slated to mature October 2025. The lease brings 750 Lexington’s occupancy back to 95 percent, Trepp notes, as it backfills nearly 120,000 square feet of space that Locke Lord left behind in June 2016. The legal services firm is now based downtown at 200 Vesey St.
750 Lexington is the second Cohen Brothers property in midtown to host a WeWork incubator, according to CoStar data. WeWork occupies nearly 40,000 square feet at the company's 135 E. 57th St., also within the Plaza District submarket. Cohen Brothers declined to comment for this report.
Other repeat landlords for WeWork have been L&L Holding and Tishman Speyer. WeWork leases space at 175 Varick St. and 300 Park Ave., two Tishman buildings, and also maintains co-working space at 222 Broadway and 142 W. 57th St., two L&L Holding properties. WeWork presently operates 49 Manhattan-based offices, according to its website.