A Fresh Take on CRE

Weekly Comps Digest: WeWork at 222 Broadway; Vitech and GFK at 401 Park Ave South; Penn Mutual at Two Park Ave

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WeWork Takes Eight Floors at 222 Broadway

WeWork has just added 120,000 SF in the Downtown building to its growing network of co-working spaces. The starting rent for the 15-years lease ranges from the lower to the higher $40s depending on the floor. While the rent is on the higher end for Downtown, it will allow WeWork to offer its startup customers offices in an area that is becoming increasingly popular. WeWork's other Manhattan locations include 175 Varick in Midtown South as well as 261 Madison and 54 West 40th in Midtown.
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401 Park Avenue South: Vitech Systems Renews, GFK Leaves to Move Downtown

Vitech Systems renewed its leases on the 4th and 12th floors of 401 Park Avenue South with rent in the $50s. At the same time, GFK has decided not to renew the $33 PSF lease on the 8th floor and instead moved to a 75,000 SF consolidated office at 1 World Financial Center. The lower rent Downtown (low $40s) may have been GFK's motive for the move.
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Penn Mutual Expands to Fill the Entire Third Floor at Two Park Avenue

The life insurance company has occupied half of the third floor (24,003 SF) since 2004 with rent in the $30s and added an additional 5,000 SF in 2007. Penn will now occupy the full 48,614 SF floor with base rent averaging around $50 PSF. Other tenants at Two Park include the Gilt Groupe on the fourth and fifth floors and Kate Spade on floors eight and twelve.