Business Finance

WeWork announces plans of leasing Space at NYC’s 1 World Trade Center

wework to lease space at 1 world trade center

Earlier today, Thursday, August 30th, citing a person close to the matter,  a news media outlet reported that WeWork Cos. has held advanced discussions to lease space at 1 World Trade Center, provided that this deal gets successful, it would make the co-working giant Manhattan’s largest office tenant.

The person, who requested to remain anonymous as the matter is private also revealed that currently, WeWork has negotiated to take nearly 200,000 square feet (18,600 square meters) in the lower Manhattan skyscraper.

Given that the deal goes through, it would see WeWork surpassing JPMorgan Chase & Co. as the company with the largest amount of office space in Manhattan.

Brokerage Cushman & Wakefield has given the co-working company the No. 2 rank, with 5.14 million square feet of offices, in comparison to JPMorgan Chase & Co.’s 5.2 million square feet.

Unveiled back in 2014, 1 World Trade Center is the tallest office tower in the Western Hemisphere.

Representatives for WeWork and the Durst Organization, which manages, operates and leases the property declined to give a comment.

A spokesman for 1 World Trade Center’s developer, the Port Authority of New York and New Jersey, also declined to comment.

As the co-working space continues packing more and more tenants into its rental office locations, WeWork’s co-working business has seen a rapid growth all around the globe in the past eight years. And as a result, WeWork’s revenue has grown by 110 percent in the first quarter from a year earlier to $342 million, aided by heavy investments from SoftBank Group Corp.

According to Cushman & Wakefield, at the end of the second quarter, WeWork had nearly 200 locations just in the U.S of A.

Also according to an executive at SoftBank, back in June WeWork had been seeking to raise funds at a $35 billion valuation.