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Deals & Dealmakers

WeWork takes two floors at Kaufman building

The Kaufman Organization (Kaufman) announced that WeWork has signed a 11,818 s/f, 10-year lease to take the final remaining two spaces at Kaufman’s 15 West 27th Street (15W27) in the NoMad neighborhood.

The co-working firm will utilize the full ninth and tenth floors of 15W27. The lease brings Kaufman’s Madison Square Portfolio, which consists of four buildings in NoMad and Flatiron, to 100 percent leased.

The firm acquired the assets in April 2014 and subsequently commenced an extensive capital improvements campaign to attract companies yearning to be in Midtown South.

“Over the past four years, we have consistently attracted innovative, creative and impactful tenants to our Madison Square Portfolio,” said Grant Greenspan, Principal of Kaufman. “WeWork’s choice to showcase its co-working concept at 15W27 is a testament to how well the building’s turnkey, flexible, loft-style spaces featuring top-tier technology appeal across a variety of firms, industries and professional uses.”

Greenspan, Elliot Warren and Michael Heaner of Kaufman represented both the landlord and the tenant in the transaction. Asking rent was in the high $60’s-per-square-foot range and WeWork is expected to take occupancy in early fall 2018. Kaufman has granted WeWork a tenant allowance to build out the duplex space at 15W27.

WeWork will join a roster of tenants at 15W27 including Fernando Romero Enterprise, a global architecture and design firm; Pondicheri, a recently opened Texas-based restaurant that specializes in modern Indian cuisine and Barstool Sports, a men’s digital lifestyle magazine.

The WeWork lease brings 15W27 to nine tenants and 34 tenants total for the entire Madison Square Portfolio.

15W27 offers top-line amenities that meet the technology, broadband and security needs of its tenants.

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