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WeWork Leases Final Two NoMad Spaces



The hip and hopping area in midtown known as NoMad is filling out even more now that two new spaces were just leased.

WeWork just signed a 10-year lease for 11,818 square feet, taking up the last two spaces at the Kaufman Organization’s 15 W. 27th St. office building, named 15W27, The Globest reports. Asking rent was in the range of the high $60s per square foot. WeWork will rent the entire ninth and 10th floors, moving in during early fall 2018, Globest added.

The lease brings Kaufman’s Madison Square portfolio, comprising four buildings in the NoMad and Flatiron areas, to 100 percent leased with 34 tenants, Globest reported. Within the neighborhood, 15W27 is more specifically located between Fifth and Sixth avenues.

WeWork is the largest flexible space operator in Manhattan and the second largest private office tenant in the city, behind only JPMorgan Chase, according to several leading brokerage research departments.

The real estate firm acquired the building in April 2014 and did a capital improvements overhaul with the intention of bringing in creative, tech and new media tenants. The technology, broadband and security capabilities in the facilities needed upgrading in order to make that plan possible. Kaufman hired Design Republic to create a lobby with illuminated, three-dimensional, wooden architectural details and elevators with glass-backed walls displaying custom graffiti art, according to Globest.

WeWork also got a tenant allowance so it can build out its leased spaces.

“Over the past four years, we have consistently attracted innovative, creative and impactful tenants to our Madison Square portfolio,” Grant Greenspan, principal of Kaufman, said.

“WeWork’s choice to showcase its co-working concept at 15W27 is a testament to how well the building’s turnkey, flexible, loft-style spaces featuring top-tier technology, appeal across a variety of firms, industries and professional uses,” Kaufman said.

With Greenspan, Kaufman’s Elliot Warren and Michael Heaner represented both the landlord and the tenant in the transactions, Globest reports.

Some of the nine building tenants at 15W27 include global architecture and design firm Fernando Romero Enterprise; Indian cuisine restaurant Pondicheri; and the satirical sports and pop culture paper-turned-blog, Barstool Sports, Globest reports.

NoMad first became a crossroad of the city at the end of the 18th Century when the main route to New England split from Broadway at what is now 23rd Street. It was the hub of theater, entertainment, dining, shopping and nightlife and attracted the famous people of the day from the likes of Oscar Wilde, Teddy Roosevelt, Mark Twain, and J.P. Morgan.

NoMad has seen a resurgence this century. For example, Madison Square Park was restored. The park offers a breather from the bustle of the city with landscaping, historic sculptures, and a full schedule of art, music, family and food events.

By: Chloe Braunwart

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