WeWork failed in its bid to rent up to 12 floors at One World Trade Center in Manhattan.
Negotiations with the Durst Organization failed to turn into a signed lease after numerous issues arose that may have killed the deal.
It was reported that Durst received a better offer or offers for the space and that there were other obstacles including access, security issues, contractual restrictions with previous tenants and other issues.
There was talk about continued negotiations to try and put a deal together but no word of where those talks might lead. This deal would have made WeWork the largest private user of space in Manhattan, no small feat in this competitive environment.
WeWork has been a leasing juggernaut and has recently both leased AND purchased new space in New York and around the country. They recently used funds raised from Softbank to purchase the Lord and Taylor building and have leased three other locations in Manhattan just last month. The question that many CRE people are asking is when do they go one step too far and wind up with empty space and big bills for some high priced locations.
That is anyone’s guess but for now the WeWork train rolls on with no end in sight.