Report: WeWork Plans To Lease Large Space In 1 WTC

August 30, 2018 - 11:02 am

NEW YORK (WCBS 880) -- WeWork is reportedly close to a deal to lease space in One World Trade Center that would make the company the city’s largest office space tenant. 

Daniel Geiger, who covered the story for Crain's, tells WCBS Newsradio 880 WeWork is expected to take about 200,000 square feet in the building.

He says it indicates that the company's business model is working.

"WeWork has had in recent years almost something you could call a meteoric rise to become one of the biggest office tenants in the city," said Geiger. "People want to be in coworking spaces again. They're now over 5 million square feet, they're the biggest tenant in the city, bigger than JP Morgan Chase, which has about 5.2 million square feet. I mean, think about that for a second, this is a company that maybe even five years ago people probably had never heard of and now they're the biggest office tenant in the city and they're growing, right? I mean it's not stopping here."

Geiger said WeWork is attracting all types of businesses.

"This has really caught on, that they provide a working environment that resonates with small businesses, individuals and increasingly the understanding is also... big companies that just want to have a presence in these co-working locations where they can tap into the energy there, have those kinds of amenities, they want to be part of this and that's what's also been interesting," according to Geiger.

He notes several sources have told him WeWork plans to expand elsewhere in downtown Manhattan.

"This is probably an area of the city where they may not have the concentration that they have in other places so they're growing downtown," Geiger said.