WeWork Expands In Hudson Yards By Leasing 112265 Sq Ft From Landlord Kevin McCrain
450 West 33rd Street
Building Size
112,265 SF
Asset Type
Office
Closing
Feb 10, 2025
AI
The property asset involved in the transaction is an office space located at 450 West 33rd Street in the Hudson Yards market, comprising a total of 112,265 square feet. This asset is important as it enhances the total space occupied by the tenant, WeWork, in the Brookfield-owned office tower.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 450 West 33rd Street
- Market: Hudson Yards
- Landlord: Kevin McCrain - Brookfield Properties
- Tenant: WeWork
- Brokers involved: Anthony LoPresti, Bruce Mosler, David Mosler, Ethan Silverstein & Theodora Livadiotis - Cushman & Wakefield
This transaction was significant as Amazon subleased the office space through WeWork, which expands Amazon's total footprint in the Brookfield-owned tower to 472,000 square feet. This arrangement follows a prior WeWork deal at 330 West 34th Street, reflecting Amazon's adaptation to its evolving return-to-office strategy.
Players
New York 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