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WeWork takes nearly 70,000 s/f at 880 Third Avenue

WeWork has signed a 15-year lease at 880 Third Avenue, bringing the 18-story Plaza District boutique office tower to full occupancy.

The 69,679 s/f lease, which spans seven full floors, will start this summer and includes office space on floors 5-6 and 9-13. WeWork’s space will feature two outdoor terraces on the 12th floor.

The newly renovated building includes a double-height stone and glass lobby and two-story retail storefronts, a new aluminum curtain wall system, new windows, new cooling tower, and a modernized elevator system with new cabs, as well as contemporary artwork by Lydia Donna.

“We are pleased to welcome WeWork to 880 Third Avenue, which is now fully leased thanks to our talented team of brokers and real estate attorneys,” said Jonathan Resnick, President of Jack Resnick & Sons, in a press release announcing the lease.

“We’re confident WeWork and its clients will benefit from our building’s outstanding location, first-rate infrastructure, and quality service.”

Jack Resnick & Sons was represented by an in-house leasing team of Brett Greenberg and Fran Delgorio, an in-house legal team of Kalpana Gajjar and Thomas Ruggiero, and Meyer Last of Fried, Frank, Harris, Shriver & Jacobson LLP.

WeWork was represented by the leasing team of Ken Ruderman and Andrew Zang of Savills Studley, in-house leasing agent David Sadkin, and in-house general counsel Mathew Brandt, along with a Kasowitz, Benson Torres, LLP team led by Adam M. Endick and Steven J. Shafer.  Asking rents at the property are in the $65 per square foot range.

“We were thrilled to have been involved in this creative transaction,” said Savills Studley Vice Chairman and Co-Branch Manager Ken Ruderman.  “The collaboration of numerous skilled professionals is the reason the deal got done, and it allowed our client to establish a relationship with Jack Resnick & Sons, one of the city’s benchmark owners/builders.”

Other major tenants at 880 Third Avenue include The Trustees of Columbia University; Culbro LLC; Kempen & Co., USA; QS Investors; Jaffe Ross & Light; and Fisher Harris Shapiro. Retail tenants include TD Bank, Gregorys Coffee and Pret A Manger.

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