Columbia Property Trust announced that it has signed a 115,000 s/f long-term lease with WeWork, the shared office space provider, for the entire office portion of 149 Madison Avenue, Columbia’s 12-story Midtown South building.
The lease commenced October 18, 2018, and Columbia will collaborate with WeWork to transform 149 Madison into a boutique office address with modernized amenities and infrastructure.
The redeveloped building, which is expected to open in 2019, will also include 6,600 s/f of retail space on the ground floor, with prominent corner frontage on Madison Avenue and 32nd Street.
Columbia is already in discussions with several retailers for the space.
“With 149 Madison, we saw a unique opportunity to create a custom-designed, boutique building that would provide a differentiated experience for tenants,” said Nelson Mills, chief executive officer of Columbia.
“WeWork shares our vision for this special building’s potential, and we look forward to working with them to position 149 Madison as an ideal home for tenants seeking high-end creative space in Midtown South.”
Columbia owns six office properties in Midtown Manhattan that include a total of 1.7 million leasable square feet, plus one building under development.
With this latest lease at 149 Madison, Columbia’s Manhattan portfolio is 98 percent leased.