TH Real Estate leases New York office to WeWork
TH Real Estate has leased 24,000 sq m (258,344 sq ft) at 368 Ninth Avenue, also known as 21 Penn Plaza, to WeWork.
368 Ninth Avenue is a 16-storey office building located on the southeast corner of Ninth Avenue and West 31st Street in New York.
The asset sits within close proximity to Penn Station, Hudson Yards and Chelsea neighbourhoods, allowing excellent access to transportation hubs and West side housing and retail areas.
"TH Real Estate purchased this property with the intention of redeveloping a underutilised asset into a Class-A asset with amenities. WeWork’s creative concept attracts high level tenants, and we look forward to extending our relationship with them through this lease," said Nadir Settles, Managing Director, Senior Regional Head, New York Office Investments at TH Real Estate.
"In recent years, we have worked with TH Real Estate on a number of projects in and outside of the U.S., best signified by our partnership on Devonshire Square in London. The lease agreement signed today for 21 Penn Plaza will further enhance our excellent relationship. We are tremendously excited about bringing the WeWork community to this area, which is increasingly attracting some of the country's leading companies, and quickly transforming into one of New York’s leading business hubs," added Granit Gjonbalaj, Chief Development Officer, WeWork.
The lease at 368 Ninth Avenue represents the second deal to date between TH Real Estate and WeWork. In March 2018, TH Real Estate acquired a 45% in Devonshire Square in a three-way joint venture between PFA and WeWork. Devonshire Square is a private campus comprised of 59,458 sq m (640,000 sq ft) across 13 buildings in the City of London.
Note: TH Real Estate renamed to Nuveen Real Estate in January 2019.Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, London EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. TH Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). TH Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or Nuveen Alternatives Advisors LLC a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, member FINRA