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December 21, 2018 Comments Off on WeWork Commits to 8 Floors with CIM Group Views: 3569 Midtown New York, New York News

WeWork Commits to 8 Floors with CIM Group

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CIM Group has signed WeWork to a long-term lease for approximately 236,000 square feet at 1440 Broadway. Deal terms and the names of brokers involved were not disclosed.

The coworking firm will get a newly-constructed, private entrance and lobby on 41st Street, with dedicated elevator access to its occupied space on floors 14 through 21.

The WeWork deal comes about a year into CIM’s $520-million ownership of the 25-story, 747,000-square-foot office property. It’s currently executing on a capital improvement program that’s expected to be completed in the first quarter of 2019.

“Given the exceptional demand we’re seeing from companies wanting to be based around Bryant Park, we have continued to expand our presence in the area,” said Granit Gjonbalaj, chief real estate development officer at WeWork. “Today, we have over 10 locations within a 10-minute cab ride from the park, and 1440 Broadway will be among the largest of these.”

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