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WeWork Expands With 37000 Square Foot Lease At 511 Fifth Avenue Manhattan
LEASED
+ 1
New York
See Similar DealsOffice37,000 SF
Leased
LEASED
WeWork Expands With 37000 Square Foot Lease At 511 Fifth Avenue Manhattan
511 5th Avenue
See Similar DealsOffice37,000 SF
Leased
+ 1
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$0
Total Square Footage:37000 SF
Transaction Type:Lease
The asset involved in this transaction is an office space located at 511 5th Avenue in Manhattan. The property encompasses a total of 37,000 square feet, designed for flexible office solutions, aligning with modern workplace trends.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 511 5th Avenue
- Market: Manhattan
- Landlord: Jeff Sutton - Wharton Properties
- Tenant: John Santora - WeWork
- Brokers: Peter Riguardi & Mitchell Konsker - JLL
This transaction marks WeWork's expansion in New York City following a Chapter 11 filing. The new lease includes four floors and features a 9,000-square-foot coworking lounge, part of a larger strategy to enhance the company’s presence in the region.
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Deal Type
NNN (Triple Net)
Effective Rent (Annual)
$2,120,817.67
Total Lease Value
$21,208,176.73
Net Landlord Cash Flow$2,120,817.67
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