NEW YORK--(BUSINESS WIRE)--CIM Group announced today the signing of a long-term lease with WeWork for approximately 236,000 square feet of space at 1440 Broadway, a 25-story, 747,000-square-foot office building situated between Manhattan’s Bryant Park and Times Square at the corner of Broadway and 40th Street. WeWork’s occupied space will consist of a newly-constructed, private entrance and lobby on 41st Street with dedicated elevator access to its occupied space on floors 14 through 21.
CIM acquired 1440 Broadway in December of 2017 and is currently executing its capital improvement plan for the building. This plan includes the renovation of the existing 40th Street entrance and lobby as well as a creating a new roof deck amenity, which will offer views of Bryant Park, Times Square and the Hudson River. The building upgrades are expected to be completed in the first quarter of 2019. These improvements along with securing this significant lease progresses the business plan that the firm envisioned when it acquired 1440 Broadway last year.
"Given the exceptional demand we're seeing from companies wanting to be based around Bryant Park, we have continued to expand our presence in the area. Today, we have over ten locations within a 10-minute cab ride from the park, and 1440 Broadway will be among the largest of these," said Granit Gjonbalaj, Chief Real Estate Development Officer at WeWork. "CIM is one of the leading owners and operators of real estate in the country and has done a tremendous job of revitalizing 1440 Broadway since acquiring it last year. We're confident that, with WeWork moving in, the building will become even more of a hub for innovative and forward-thinking companies."
For more than a decade, CIM Group has been an active owner and developer in the New York metropolitan area. CIM has successfully repositioned several office assets in New York City, including 11 Madison Avenue attracting quality office and retail tenants which ultimately improve the surrounding communities.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and asset management experience in urban real assets, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.