WeWork is back in expansion mode in New York City.
The coworking company inked a 37,000-square-foot lease at Jeff Sutton and Aurora Capital Associates’ 511 Fifth Avenue, the company announced. The new location will span four floors — the ninth through 11th and part of the 15th — and is expected to open at the end of the year.
The space will offer a mix of headquarters suites, private offices, full-floor offices and traditional coworking space.
As part of the deal, WeWork will also partner with the landlord to operate a 9,000-square-foot coworking lounge on the 15th floor that will be available to tenants throughout the building.
“We’re witnessing a structural shift as to how real estate is being utilized,” WeWork CEO John Santora said in a statement. “At 511 Fifth Avenue, we plan to bring to market a space that flexes to the needs of our various members.”
The lease, first reported by the New York Post, adds another tenant to the 18-story Midtown property following a more than $40 million renovation that included a new glass lobby, upgraded elevators and modernized building systems.
JLL brokered the deal for both sides. Peter Riguardi represented WeWork and Mitch Konsker represented the landlord in the deal.
The lease marks WeWork’s 36th location in New York City and its third since exiting bankruptcy, following recent expansions at 245 Fifth Avenue in NoMad and 250 Broadway in the Financial District. The deal comes as WeWork embarks on a broader effort to streamline operations and double down on high-demand areas.
WeWork exited bankruptcy proceedings in 2024, slashing $4 billion in debt, adding an equity partner in Yardi Systems and revamping its C-suite with Cushman & Wakefield veteran Santora.
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