437 Madison Ave.
NEW YORK CITY- WeWork has leased a thick slice of 437 Madison Ave., a 40-story trophy office property in the Plaza District for an anti-type to its familiar tenant. The transaction comes amid steep changes from the co-working firm that has begun to downsize its workforce, halt its leasing and withdrew its initial public offering prospectus this week.
Hearkening to an emerging wave of new co-working tenants that beckon themselves as "enterprise users," –another description for corporate firms and large companies – WeWork will occupy 362,197 square feet of the 850,000 square-foot-tower to cater to the tenant type. The move is a step away from its usual suspects of solo entrepreneurs and start-ups.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
