WeWork continues its pattern of gobbling up square footage. Earlier this month, it signed a lease for 64,390 square feet on the fifth through eighth floors of Bush Tower at 130 W. 42nd St., sources said.
The asking rent in the building, which sits opposite Bryant Park, ranges up into the mid-$70s per square foot.
The building is on a ground lease to Tribeca Associates with a stake purchased in 2015 from Meadow Partners by the US arm of China Vanke. China’s large publicly owned developer is also partners with Aby Rosen’s RFR in the luxury residential condominium at 150 E. 53rd St.
The Industrial and Commercial Bank of China provided an $80 million mortgage to the new Bush Tower ownership group.
Lance Korman of Newmark Grubb Knight Frank represented WeWork in this lease. Mitch Konsker, Frank Doyle, Clark Finney, Betsy Buckley and Harlan Webster of JLL represent the ownership.