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WeWork scoops up space in Chelsea boutique.

WeWork has leased the last remaining vacant space at 119125 West 25th Street.

The Swiss AFIAA Foundation for International Real Estate Investments announced it signed a 45,000 s/f lease with the space sharing giant.

WeWork now provides more than 160,000 members around the world with space, community, and services through both physical and digital offerings.

The company signed a new 15-year lease for the space. The office portion of the New York property is now fully leased.

Bardo Magel, head of asset management at AFIAA, said, "We are very pleased to have been able to acquire an excellent tenant in We Work. The tenant mix in the whole building could not be better."

AFIAA purchased the office building for $150 million at the end of 2016 while it was under construction and provided support until it was completed. In less than a year, it has increased the occupancy rate from 38 percent to around 90 precent.

"We have now kept our promise and created an attractive product for our institutional investors through active asset management," said Ingo Bofinger, CEO of AFIAA.

The property in New York is held by the AFIAA Global investment group, which invests directly in prime real estate.

Cushman & Wakefield represented both tenant and landlord in the lease transaction.

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Comment:WeWork scoops up space in Chelsea boutique.
Publication:Real Estate Weekly
Date:Dec 6, 2017
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