WeWork has reached an agreement with SL Green to lease all 11 floors of the real estate firm's 609 Fifth Avenue office block in New York. Then, “We negotiated lease buyouts and relocations for office tenants and it’s now 100 percent vacant,” said SL Green Executive VP and Leasing Director Steven Durels. After SL Green made the offices vacant through lease buyouts and relocations, the co-working space firm agreed to lease all 139,000 sq ft of the property for an undisclosed amount, although the asking rent was reportedly $85 per sq ft. The deal is expected to close by the end of this year, according to a press release from WeWork.
WeWork has reached an agreement with SL Green to lease all 11 floors of the real estate firm's 609 Fifth Avenue office block in New York. After SL Green made the offices vacant through lease buyouts and relocations, the co-working space firm agreed to lease all 139,000 sq ft of the property for an undisclosed amount, although the asking rent was reportedly $85 per sq ft. The deal is expected to close by the end of this year, according to a press release from WeWork.