WeWork Inks 55k SF Lease At Moinian’s 245 Fifth Avenue

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WeWork is making moves in Manhattan.

The coworking giant inked a 55,000-square-foot lease at Moinian Group’s 245 Fifth Avenue in NoMad. The new location, slated to open in mid-2026, will span four floors — the 2nd, and the 4th through 6th — of the 24-story office building, the company announced.

The deal comes as WeWork embarks on a broader effort to streamline operations and double down on high-demand areas under CEO John Santora. Foot traffic at WeWork’s NoMad locations (of which there are three) is up nearly 11 percent from January to June, the company said. In total, WeWork has 35 locations in New York City.

The new location will replace an expiring lease at Williams Equities’ 79 Madison Avenue, which is up for sale, according to Commercial Observer. A WeWork spokesperson declined to disclose the asking rent or length of the lease.

A Newmark team including Scott Klau, Erik Harris and Zach Weil represented the landlord in the deal. Newmark’s Aaron Ellison and Travis Milone represented WeWork.

WeWork exited bankruptcy proceedings last year, slashing $4 billion in debt, adding an equity partner in Yardi Systems and revamping its C-suite with Cushman & Wakefield veteran Santora.

The company shrunk its portfolio from a peak of 850 to around 600, The Wall Street Journal reported. WeWork plans to invest between $80 million and $100 million into its spaces in 2025, chief marketing and communications officer Petula Lucey told the publication.

In a recent interview, Santora told The Real Deal that he was focused on “sustainable growth without question, and balancing out the portfolio, balancing out that risk.”

The Fifth Avenue lease comes on the heels of a 60,000-square-foot lease at 250 Broadway, the company’s first new lease in the city since 2019. This latest space will include private offices, meeting rooms and a coworking lounge.

The co-working firm also inked two recent Big Apple deals that it will operate on behalf of Amazon – a 304,000-square-foot lease at Vornado’s 330 West 34th Street and a 112,000-square-foot sublease at Brookfield Properties’ 5 Manhattan West.