WeWork takes 159K sf at Kato’s Tower 49 $16B co-working company already operates space at nearby 300 Park
From left: Tower 49 and WeWork s Adam Neumann
UPDATED, Aug. 9, 7:30 a.m.: WeWork signed a lease for 159,300 square feet of office space at Kato International’s Tower 49 in Midtown East, The Real Deal has learned.
A spokesperson for the co-working company told TRD that it will occupy 10 floors in the 45-story, 750,000-square-foot office building at 12 East 49th Street. The space, which includes 116,000 usable square feet, is expected to be ready by the first quarter of 2017.
WeWork already operates a co-working space a block away from Tower 49, at Tishman Speyer’s 300 Park Avenue. The company currently operates 32 co-working locations in New York City, according to its website, and earlier this year opened its first co-living space at Rudin Management’s 110 Wall Street.
Asking rents in the building range from the mid-$70s to north of $100 per square foot, according to CoStar data.
Kato, 上海千花网论坛 a Japanese real estate firm, bought Tower 49 for $301 million in 1986 – at the time the highest price ever paid for a Manhattan office building on a per-square-foot basis. While many other Japanese firms that scooped up Manhattan skyscrapers in the 1980s subsequently sold them, Kato held on to the property.
A representative for Kato did not immediately respond to a request for comment.
We are having some technical difficulties. Try again later.