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245 Fifth Avenue

WeWork Signs 55000 Square Foot Lease At 245 Fifth Avenue With The Moinian Group
LEASEDOffice

WeWork Signs 55000 Square Foot Lease At 245 Fifth Avenue With The Moinian Group

245 Fifth Avenue

Building Size

55,000 SF

Asset Type

Office

Closing

Aug 6, 2025

AI

The asset involved in this transaction is an office space situated at 245 Fifth Avenue in Midtown Manhattan. This location encompasses 55,000 square feet and is owned by The Moinian Group, led by landlord Joseph Moinian.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not disclosed
  • Address: 245 Fifth Avenue
  • Market: Midtown Manhattan
  • Landlord: Joseph Moinian - The Moinian Group
  • Tenant: John Santora - WeWork
  • Brokers: Ben Klau, Scott Klau, Erik Harris, Zach Weil, Cole Gendels, Aaron Ellison & Travis Milone - Newmark

This lease marks WeWork's second deal in New York City following its exit from bankruptcy, demonstrating the company’s continued presence in the market. The transaction was facilitated by a team of brokers from Newmark, highlighting the collaborative effort in securing this agreement.

Players

Scott Klau

Newmark

Broker

21 deals

Broker
Newmark
NewmarkBrokerage

Joseph Moinian

The Moinian Group

Landlord

$491.8M

vol

10 deals

Landlord
The Moinian Group
The Moinian GroupLandlord
John Santora

John Santora

WeWork

Tenant

3 deals

Tenant
WeWork
WeWorkTenant

Brooklyn Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93