{"id":647537,"date":"2026-03-11T08:11:37","date_gmt":"2026-03-11T08:11:37","guid":{"rendered":"https:\/\/www.europesays.com\/us\/647537\/"},"modified":"2026-03-11T08:11:37","modified_gmt":"2026-03-11T08:11:37","slug":"wework-announces-new-37k-sf-location-at-511-fifth-avenue-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/647537\/","title":{"rendered":"WeWork Announces New 37K-SF Location at 511 Fifth Avenue \u2013 Commercial Observer"},"content":{"rendered":"

WeWork<\/a> <\/b>continues to build on its success coming out of Chapter 11 bankruptcy as it prepares to open another New York City location by the end of 2026.<\/p>\n

The reinvigorated coworking firm signed a lease for 37,000 square feet across four floors of 511 Fifth Avenue<\/b>, an 18-story office building owned by Jeff Sutton<\/b>\u2019s Wharton Properties<\/a> <\/b>and Robert Cayre<\/b>\u2019s Aurora Capital Associates<\/a><\/b>. The deal represents WeWork\u2019s third new location in New York City since repositioning itself.<\/p>\n

SEE ALSO: Steve Cohen\u2019s Point72 Takes 60K SF at Tishman Speyer\u2019s Spiral<\/a><\/p>\n

The asking rent and the length of the lease were not immediately disclosed, but the average asking rent for office space in Midtown was $85.11 per square foot in February, according to a report from CBRE<\/b>.<\/p>\n

\u201cWe\u2019re witnessing a structural shift as to how real estate is being utilized, and at 511 Fifth Avenue, we plan to bring to market a space that flexes to the needs of our various members, ranging from private offices to full office floors to coworking space,\u201d John Santora<\/b>, CEO of WeWork, said in a statement.<\/p>\n

\u201cWhether you\u2019re a founder, a small business owner, or a multinational corporation seeking space for a dedicated team, you\u2019ll have access to 37,000 square feet of premium workspace that is tailored to your unique needs rather than a one-size-fits-all solution,\u201d Santora added.<\/p>\n

JLL<\/a><\/b>\u2019s Peter Riguardi<\/b> handled negotiations on behalf of WeWork while Mitch Konsker<\/b>, also of JLL, represented the landlords in the transaction. JLL did not immediately respond to a request for comment.<\/p>\n

The 511 Fifth Avenue location is wedged between Bryant Park <\/b>and Grand Central Terminal.<\/b> WeWork\u2019s space will run across the ninth, 10th, 11th and 15th floors of the building \u2014 9,000 square feet of which will be for a coworking lounge.<\/p>\n

The new lease follows WeWork establishing a new \u200b\u200b55,000-square-foot location at Moinian<\/b> Group<\/b>\u2019s 245 Fifth Avenue<\/b> in August 2025<\/a>, and its first post-bankruptcy lease spanning 60,000 square feet across five floors at AmTrust RE<\/b>\u2019s 250 Broadway<\/b> in July 2025<\/a>.<\/p>\n

While this will be its third new location since the bankruptcy proceedings wrapped up in 2024, the deal will be WeWork\u2019s 36th location in New York City after it retained a number of its existing spots in renegotiations with landlords.<\/p>\n

Mark Hallum can be reached at mhallum@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"WeWork continues to build on its success coming out of Chapter 11 bankruptcy as it prepares to open…\n","protected":false},"author":3,"featured_media":647538,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5122],"tags":[275166,5229,84775,275167,7745,257098,405,403,5226,5225,5228,5227,49428,275168,275169,67,586,132,5230,68,2969],"class_list":["post-647537","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-511-fifth-avenue","tag-america","tag-jeff-sutton","tag-john-santora","tag-leases","tag-mitch-konsker","tag-new-york","tag-new-york-city","tag-newyork","tag-newyorkcity","tag-ny","tag-nyc","tag-office-leases","tag-peter-riguardi","tag-robert-cayre-channel","tag-united-states","tag-united-states-of-america","tag-unitedstates","tag-unitedstatesofamerica","tag-us","tag-usa"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116209535337515265","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/647537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=647537"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/647537\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/647538"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=647537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=647537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=647537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}