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WeWork, Columbia Cancel Full-Building Lease in Midtown South
Columbia Property Trust and WeWork mutually agreed to terminate WeWork’s lease at Columbia’s 149 Madison Ave. The two companies announced in October 2018 that WeWork would lease the entire 115,000-square-foot office component of the Midtown South property and collaborate with the REIT to transform the vintage property into a boutique office address.
WeWork and Columbia said Thursday that the decision was part of WeWork’s plan to seek profitable growth and optimize the company’s real estate portfolio, while allowing Columbia to assume full control of 149 Madison.
The REIT now has the right to market the boutique building’s 115,000 square feet of renovated office space for lease.
In a statement, Columbia and WeWork said they “look forward to continuing their productive relationship at 80 M St. in Washington, D.C., and 650 California St. in San Francisco and providing a wide range of companies with first-class, flexible space solutions.
For comments, questions or concerns, please contact Paul Bubny
- ◦Lease
