"There are tenants who want to know a space is theirs and they're not sharing it with a guy next door. Broad Street Development has purchased 370 Lexington Ave for $190m, and plans to spend a further $30m upgrading the 315,000 sq ft building. 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.
Broad Street Development has purchased 370 Lexington Ave for $190m, and plans to spend a further $30m upgrading the 315,000 sq ft building. 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.