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.
Last month, TRD took a clo上海千花网 
ser look at the l爱上海 
ogic behind the company’s $16 billion valuation.
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.
Other tenants in the building include the Major League Bas上海千花网交友 
eball Players Association and private equity f新上海贵族宝贝论坛 
irm Advent International.
A representative for Kato did not immediately respond to a request for comment.
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sales grew in first half of 2016, multifamily market remained strong Overall pricing and number of sales rose year-over-year 
in the first six months of the year, according to the mid-year report from Ariel Property Advisors.
national and Isaac Kassirer bought for $140 million and a Bronx factory building that sold for $44 million to the Bluestone Group and the Altmark Group.
t half of 2015. Sales of multifamily buildings totaled $989.3 million, and accounted for 73 percent of all property types. Dollar volume was up 12 percent-year-over-year and sales volume increa
sed from 68 to 200 in the first six months of 2016.
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national Airport for the band’s first American tour, the limos whisked them straight to the Plaza. The iconic property has, of course, also been a favorite for real estate investors. In the
1980s, Donald Trump, then a brash young developer and today the U.S. president, plunked down millions to buy the hotel. He ultimately handed over control of the property to his creditors in a complex deal to clear debt. But that was just a precursor to the problems the hotel has faced since. And while a significant chunk of
the hotel has been converted into condos, the famous Oak Room has been d
ark since 2011, and the site is, by many accounts, underperforming. However, in late May, reports surfaced that Ashkenazy Acquisitions had
bought a piece of Saudi Prince Al-Waleed bin Talal’s stake in the hotel with plans to buy out the web of stakeholders, including embattled Indian mogul Subrata Roy. Not surprisingly, all eyes will be watching as the duo tries to breathe new life into the 110-year-old institution.
Wein (Great Gulf), JD Parker (Marcus Millichap), Nikki Field (Sotheby s International) and Shahab Karmely (Kar Properies) are among the panelists who will share their expertise during the TRD s third annual real estate event in Shanghai.
al estate players and their counterparts in China See some of the coverage of our event last November here.
c
k h
ere for more information about participating in the event or email contact [email protected].
the city s department of buildings. That
“community facility” is, in fact, a church, complete with a daycare, the sanctuary, a community room and offices. The residential portion of the building will have a lobby, gym, and bicycle room.
it organization occasionally develops
housing for low-income tenants.
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her Sargent, a longtime Corcoran Group agent specializing in the Uptown co-op mar
ket, has jumped to Brown Harris Stevens.
all Willkie and Bess freedman, BHS co-presidents, wrote in an email to agents.
ing to the daughter of former Bears Sterns CEO James Cayne for $30 million. The house at 10 East 75th Street was previously on the market for $38.5 million. Sargent was the listing broker at 30 East 72nd Street when George Stephanopoulos bought a $6.5 million apartment in 2010.
firms, BHS has been on a recruiting spree. It s hired around 20 agents over the past few months, including Antonio del Rosario, who was previously at Town Residential.
Finkle, President of Related Affordable
affordable building.
any said.
roperties in New York City, where Related Affordable is active, but does include one in Beacon, New York.
ars after making an investment of the same amount, Bloomberg reported. The PIF, which is looking to deploy a $170 billion windfall, has seen a “huge benefit” from the first Vision Fund, according to Crown Prince Mohammed 
bin Salman.
announced a $400 million investment in Opendoor, a home-flipping startup. At the same time, brokerage Compass raised a $400 million Series F led by SoftBank’s Vision Fund and Qatar Investment Authority. The deal, which is SoftBank’s secon
d investment in the firm, values Compass at $4.4 billion.
nd 
g to sell.
st four companies datin
g back to last October, according to Bloomberg. It has announced one new investment over the same time period.
Bloomberg TV in March. “Pricing today, primarily because of the supply-demand scenario in terms of capital, is distorting all markets, and there’s too much capital chasing too little opportunity.” [Bloomberg] – Eddie Small
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