WW top in NY 23rd September 2018

WeWork is officially New York City's largest office tenant. The New York-based office-rental company has overtaken JPMorgan Chase & Co. (NYSE: JPM) for the top spot. Since 2010, WeWork has gone on to accumulate more than 5.2 million square feet of space in New York. The recent deal that helped get it take over the top spot was a lease it signed for 258,344 square feet at Penn Plaza.

WeWork is reportedly in the process of leasing 200,000 square feet of office space at 1 World Trade Center. With a growing global staff of about 6,000, the company is backed by a number of deep-pocketed firms, including Fidelity Management, J.P. Morgan Investment Management, T. Rowe Price Associates, Goldman Sachs Group (NYSE: GS) and Benchmark Capital. 

WeWork has a network of 260 co-working locations, including the Lord & Taylor flagship store on Manhattan’s Fifth Avenue that the company purchased in October 2017. It has plans to convert it into its corporate headquarters. 

Under the helm of co-founders Miguel McKelvey and Adam Neumann, WeWork has gone from office-space sharing to providing classes (it recently launched a grade school), retail, a community speakeasy, and an urban think tank. Beyond the U.S., WeWork has 457 office locations in 88 cities around the world, from Tel Aviv to Mexico City to London and across the U.S. 

The company is also making a significant push into China thanks to a Series A investment from Hony Capital and the SoftBank Group. A few months before that, it agreed to purchase Chinese rival Naked Hub — the co-working arm of Shanghai-based luxury resort company Naked Retreats — for a reported $400 million.