WeWork in talks for space at NYC’s 1 World Trade Cen­tre

The Star Malaysia - StarBiz - - Foreign News -

TORONTO: WeWork Cos is in talks to lease space at 1 World Trade Cen­tre, ac­cord­ing to a per­son with knowl­edge of the dis­cus­sions.

The move puts the co-work­ing gi­ant on a path to be­come Man­hat­tan’s largest of­fice ten­ant.

The com­pany is ne­go­ti­at­ing to take about 18,600 sq m in the lower Man­hat­tan sky­scraper, ac­cord­ing to the per­son, who asked not to be iden­ti­fied be­cause the mat­ter is pri­vate.

If the deal goes through, WeWork would sur­pass JPMor­gan Chase & Co as the com­pany with the largest amount of of­fice space in Man­hat­tan.

Bro­ker­age Cush­man & Wakefield puts the co-work­ing com­pany now at No. 2, with 5.14 mil­lion square feet of of­fices, com­pared with the bank’s 5.2 mil­lion sqe ft.

The build­ing, which opened in 2014, is the tallestof­fice­tow­erintheWesternHemi­sphere. A spokesman for its de­vel­oper, the Port Au­thor­ity of New York and New Jersey, de­clined to com­ment.

Rep­re­sen­ta­tives for WeWork and the Durst Or­ga­ni­za­tion, which man­ages, op­er­ates and leases the prop­erty, also de­clined to com­ment.

WeWork’s co-work­ing busi­ness has grown rapidly around the world in the past eight years as the com­pany packs more and more ten­ants into its rental of­fice lo­ca­tions.

That has helped drive WeWork’s rev­enue up 110% in the first quar­ter from a year ear­lier to US$342mil, and with hefty in­vest­ments from SoftBank Group Corp, WeWork also has the cash it needs to fuel its ex­pan­sion.

An ex­ec­u­tive at SoftBank said in June that WeWork is seek­ing to raise funds at a US$35bil val­u­a­tion.

The of­fice-shar­ing com­pany had about 200 lo­ca­tions in the US at the end of the sec­ond quar­ter, ac­cord­ing to Cush­man & Wakefield.

Crain’s New York Busi­ness re­ported ear­lier Wed­nes­day that WeWork was close to fi­nal­is­ing a large lease at 1 World Trade Cen­tre. — Bloomberg

Bil­lions come and go: Ortega, the Span­ish founder of Zara-owner In­di­tex SA, has seen his wealth drop by more than 7% this year to US$69.7bil but Ar­nault, chair­man of Paris-based lux­ury goods-maker LVMH, is worth US$79.3bil, af­ter a 25% in­crease in 2018 — Bloomberg

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