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Deals & Dealmakers

WeWork leases 63,000 s/f at Meringoff’s 401 Park Ave. South

Meringoff Properties, Inc. has announced that WeWork, a company that provides collaborative work space, has entered into a 15-year, 63,300 s/f lease for the entire 8th, 9th, and 10th floors at 401 Park Avenue South, the company’s first location in Midtown South.

Asking rents in the building are currently $62 per square foot.

Situated at the southeast corner of East 28th Street and Park Avenue South, the 250,000 s/f, 12-story office building, is located in the heart of the city’s leading enclave for the creative/digital/high tech/advertising industries.

“We knew WeWork was on to something unique and special after meeting with Adam Neumann, co-founder of We Work, one year ago,” said Stephen Meringoff.

“Having toured a number of their locations, and understanding what they have on the horizon, we all recognized that 401 Park Avenue South would be an ideal location for their business since the neighborhood has become the axis of New York’s burgeoning technology and creative industries.”

WeWork has been actively searching for the right opportunity for our business in Midtown South; after touring 401 Park Avenue South we immediately knew we had found it,” said Mark Lapidus, director of Real Estate at WeWork.

“The high ceilings, efficient wide-open floors, and great natural light fit exactly the aesthetic we were looking for and will enable us to create the culture that defines the WeWork brand.”

Derrick Ades, Barry Finkelman and Patrick Nelson of CBRE along with Mark Lapidus of WeWork represented the tenant in the transaction, while Farrell Virga, president, Mark S. Stein, and Jason Vacker, vice president, acted in-house on behalf of ownership.

This transaction, in addition to recently completed leases with xAd, a mobile location-based ad platform, and Vitech Systems, a provider of administration software to pension, investment, insurance and health plan administrators, brings 401 Park Avenue South to 92% leased, having completed nearly 130,000 s/f of leasing at the property this year.

The entire 5th floor, measuring 21,100 s/f, is the last availability at the property and the Meringoff team said that they
expected to announce a new lease for that space early in 2014.

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