Broad Street Development has purchased 370 Lexington Ave for $ 190 m , and plans to spend a further $ 100 m upgrading the 315,000 sq ft property . The New York real estate developer plans to target smaller co - working corporate tenants aiming to compete with WeWork in the city . Daniel Blanco , CEO of the company , says smaller companies are weary of the communal co - workspaces and are returning to traditional office leases and developing their own space .
Broad Street Development has purchased 370 Lexington Ave for $190m, and plans to spend a further $30m upgrading the 315,000 sq ft property. The New York real estate developer plans to target smaller co-working corporate tenants aiming to compete with WeWork in the city. Daniel Blanco, CEO of the company, said smaller tenants are weary of the communal co-workspaces and are returning to traditional office leases and reclaiming their own identity.