WEWORK TO CONVERT NYC SPOT INTO FIRST-OF-ITS-KIND LOUNGE

(Bloomberg) -- WeWork Inc. will turn a floor at a Manhattan office tower into a work lounge that can be used by all of the building’s tenants, a first for the coworking company.

Tenants at 575 Lexington Ave., as well as WeWork members, will be able to use the nearly 15,000-square-foot (1,400-square-meters) lounge, which has a complimentary barista bar, meeting rooms and an outdoor terrace, according to a statement Wednesday.

WeWork has been seeking to reshape its portfolio, renegotiating more than 190 leases and exiting more than 170 spots it described as unprofitable. Earlier this year, the company emerged from bankruptcy and named Cushman & Wakefield Plc’s John Santora as chief executive officer.

“We’re excited to deepen our partnership with 575 Lexington Ave. and to welcome their tenants into the WeWork community,” said Whitney Anderson, senior director of real estate at WeWork.

WeWork will continue to be a tenant at 575 Lexington Ave., where it operates five floors. The company worked with the property’s owners on the plan for the lounge.

“The WeWork-operated amenity space will help enhance the daily experience of our current tenant base and drive future demand from companies in the market for a high-quality office environment,” George Comfort & Sons CEO Peter Duncan said in the statement.

(Updates with WeWork quote in fourth paragraph.)

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2024-07-10T12:21:23Z dg43tfdfdgfd