- WeWork signed a 60K SF lease at 250 Broadway in Lower Manhattan, with the space set to open in December.
- The move reflects a strategic shift, as WeWork invests up to $100M globally in 2025 to grow its coworking footprint.
- Monthly membership bookings in NYC rose 10% through April, signaling resilience in the coworking model.
- This expansion comes after WeWork’s post-bankruptcy restructuring, which included shedding underperforming leases and a leadership shake-up.
A New Chapter In NYC
WeWork is reaffirming its commitment to New York City with a new lease at 250 Broadway, reports Bloomberg. The space spans 60K SF across five floors. WeWork plans to open the location by year-end, reflecting renewed confidence in the city’s flexible office market.
Back To Its Roots
CEO John Santora emphasized New York’s significance to the company, noting that WeWork currently operates over 3M SF in the city. “It’s not only where the company began… but it’s also one of the critical launchpads for our new era of strategic growth,” Santora said.
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The Deal
Jones Lang LaSalle’s Peter Riguardi and Clark Finney negotiated the lease on behalf of WeWork. CBRE brokers represented the landlord, AmTrust RE.
Coworking Comeback
Coworking demand has started to rebound in key markets like New York. WeWork reports that bookings for monthly memberships in NYC rose 10% year-to-date through April, a sign that hybrid work and flexible office solutions remain in demand.
Restructuring To Growth
After emerging from bankruptcy, WeWork has shifted focus to sustainable growth. The company is trimming unprofitable leases while planning to reinvest up to $100M globally in 2025 to expand in high-performing markets.
Why It Matters
The move underscores a broader trend of demand stabilizing for flexible office space in urban cores—particularly in markets like New York, where hybrid work models continue to evolve.
What’s Next
With new leadership and a leaner portfolio, WeWork appears to be prioritizing strategic markets. Expect continued expansion in key cities as the company repositions itself for long-term viability in the post-pandemic office landscape.
