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
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