NEW YORK CITY—WeWork, the global workspace company, has signed a 15-year lease, adding 43,000 square feet on three floors at 575 Fifth Ave. That brings WeWork's occupancy to a total of 101,000 square feet, leasing seven floors in the building.
In addition, Numis Securities, a UK-based investment banking and stock brokerage company, will relocate its New York office to 7,000 square feet on the 25th floor of the building. Beacon Capital Partners and MetLife co-own the building, acquiring it in 2015.
Amidst the flurry of businesses moving West to Hudson Yards, Chris Gulden, SVP of Beacon Capital Partners, emphasizes Midtown Manhattan remains a “very attractive location for businesses,” noting the transactions announced on Wednesday underscore the corporate “appetite for well-located, distinctive workplaces.”
The 500,000 square foot, 40-story building at 47th Street and Fifth Avenue was originally constructed in 1962 and renovated in 1985. In 2016, Beacon and MetLife completed a $25 million capital improvement program, which modernized the lobby, adding digital LED screens and customized media displays. The upgraded technology included boosting internet connectivity, and improved voice data, cable and digital capabilities. The property also became Energy Star rated and a LEED® Existing Building Gold certified property.
Barneys New York, Westpac Banking and Northwood Investors are other key office tenants in the building.
In addition, Numis Securities, a UK-based investment banking and stock brokerage company, will relocate its
Amidst the flurry of businesses moving West to Hudson Yards, Chris Gulden, SVP of Beacon Capital Partners, emphasizes Midtown Manhattan remains a “very attractive location for businesses,” noting the transactions announced on Wednesday underscore the corporate “appetite for well-located, distinctive workplaces.”
The 500,000 square foot, 40-story building at 47th Street and Fifth Avenue was originally constructed in 1962 and renovated in 1985. In 2016, Beacon and
Barneys
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
