AFIAA leases 4,800 sqm of office space to WeWork
AFIAA Investment Foundation for Real Estate Investments Abroad leases approximately 4,800 square feet of office space at its 119-125 West 25th Street property in New York to coworking space provider WeWork.
New tenant WeWork, a global network of workplaces with over 160,000 members, has signed a 15-year lease. This means that the office space in AFIAA's New York property is now 100 percent leased. Bardo Magel, Head of Asset Management at AFIAA: "The tenant mix throughout the building is now optimal."
AFIAA acquired the office building under construction at the end of 2016 for $150 million and saw it through to completion. In less than a year, the occupancy rate was increased from an initial 38 percent to around 90 percent, according to Magel.
The New York property is part of the AFIAA Global investment group, which invests directly in prime real estate. Consulting firm Cushman & Wakefield represented both the tenant and the landlord in the leasing process.
