All work, no play, was the right medicine for 1460 Broadway. Joint owners Himmel + Meringoff and The Swig Co.’s capital fixes and strenuous leasing effort have lured WeWork, the shared-workspace provider with an insatiable appetite for Manhattan digs.
WeWork signed a lease for all of 1460 Broadway’s 180,000 square feet of office space. The deal follows WeWork’s 240,000 square-foot bite out of 85 Broad St. in February, first reported by Lois Weiss.
The new, 19-year lease was signed on March 31 — the same day law firm Skadden Arps, which had used the location for back-office services, moved out. “Perfectly orchestrated synchronicity” was what Himmel + Meringoff co-principal Stephen Meringoff called it.
The firm’s other co-principal, Leslie Himmel, said that since last fall, “Our management and leasing team led by Farrell Virga and Jason Vacker worked literally round the clock marketing the property.”
WeWork has 15 other Manhattan locations, but this is its first Times Square-area address.
The deal leaves unoccupied only 1460 Broadway’s 2nd and 3rd floors, which will be combined with existing ground-floor storefronts when they become available in December to create a 35,000 square-foot retail unit being positioned as a multi-level flagship. The storefronts sport a new glass facade by MdeAS Architects and the building will soon boast large LED signs.
As we reported last August, San Francisco-based Swig (no relation to New York’s Kent Swig Equities) bought out its former 49 percent partner in the property, Blackstone Group, and brought in Himmel + Meringoff as its operating partner.
The owners spent $25 million to bring the dour 1951 structure at West 41st Street, next door to the just-opened Knickerbocker Hotel, into the modern age.
Terms of WeWork’s lease were not disclosed. Last summer, we reported that office asking rents would range from the high $50s to the mid-$60s per square foot.