New York, NY – August 6, 2025 – WeWork, a leading global flexible space provider, today announced it has signed a 55,000 square foot lease agreement with The Moinian Group at 245 Fifth Avenue. The new location is expected to open in mid-2026 and will span four floors: the 2nd and 4th through 6th.
“We’re excited to establish a footprint at 245 Fifth Avenue and bring our members a flexible, move-in ready coworking space in the heart of Manhattan,” said John Santora, Chief Executive Officer at WeWork. “This planned move, which will replace an expiring lease, speaks to the continued demand for WeWork in New York City and the broader value we’re delivering around the world — access to great spaces, hospitality-driven experiences, and the flexibility businesses need to adapt and grow. We’re grateful for our partnership with The Moinian Group and look forward to what’s ahead.”
The landlord was represented in the transaction by the Newmark team of Scott Klau, Erik Harris, Zach Weil, Cole Gendel, and Ben Klau while WeWork was represented by Aaron Ellison and Travis Milone, also of Newmark.
“We’re thrilled to welcome WeWork to 245 Fifth Avenue as we continue to expand our longstanding partnership with the firm and grow their existing footprint within our commercial portfolio,” said Joseph Moinian, Founder and CEO of The Moinian Group. “The continued demand for high-quality, modern spaces that foster innovation, and collaboration has informed our strategy for each of our assets, which has resulted in the creation of spaces that go above and beyond in meeting the office needs of the businesses that call our properties home and robust leasing velocity.”
WeWork’s new location at 245 Fifth Avenue, in the heart of NoMad, will provide premier, hospitality-focused workspace for companies and employees. When members arrive, they can expect well-appointed spaces featuring new facilities with advanced technology, modern design, and inviting furnishings, delivering an upgraded experience in an exceptional building. The location will offer a diverse range of space types, including dedicated private offices, expansive meeting rooms, and a beautifully-designed coworking lounge. The building, with a recently renovated Art Deco lobby, is conveniently located near public transit, top hotels, and world-class restaurants.
This new location aligns with WeWork’s strategy of sustainable growth and meeting member demand. The company is thoughtfully enhancing its footprint by opening high-quality locations in markets with strong engagement, and NoMad is a prime example. Footfall at WeWork’s NoMad locations is up nearly 11% from January 2025 to June 2025, and across New York City, the company’s WeWork On Demand bookings are up 16% during the same time period.
245 Fifth Avenue is the newest location the company has announced in New York City in recent months, following its 60,000 square foot lease at 250 Broadway in the Financial District in July.
About WeWork
WeWork is a leading global real estate platform, purpose-built to empower businesses of all sizes with flexible workplace solutions, hospitality-driven experiences, best-in-class services, and innovative technology. With a curated portfolio of over 600 thoughtfully designed locations, spanning 45M square feet worldwide, WeWork helps more than half a million members — from emerging startups to Fortune 100 companies – perform their best work, today and tomorrow.
To learn more, visit wework.com.
About The Moinian Group
Founded by Joseph Moinian, The Moinian Group today owns and operates a diversified portfolio of assets across the United States and is among the only national real estate entities to develop, own and operate properties across every asset category, including office, hotel, retail, condos, and rental apartments. The Moinian Group’s holdings include high-profile assets in America’s leading cities, including New York and Los Angeles. For the past four decades, The Moinian Group has been a pioneer in the development of emerging areas of New York City such as Downtown and West Side of Manhattan, developing commercial, residential, and mixed-use projects that combine luxury living, modern office space and high-quality retail. The Moinian Group maintains a reputation for developing state-of-the-art, aesthetically distinguished properties as the firm continues to strive for excellence. More information on The Moinian Group and its portfolio can be found at www.moinian.com