WeWork added hundreds of thousands of square feet worth of new Manhattan leases in 2016, but the tenant du jour is still knocking on the door outside the borough’s Big 10 club.
The $16.9 billion startup signed its share of big deals last year, including a lease for 122,000 square feet at 2 Herald Square and 100,000 square feet worth of leases at 135 East 57th Street.
| Manhattan's biggest office tenants, by sf occupied | ||
|---|---|---|
| Rank | Tenant | SF |
| 1 | New York City | 8.52 million |
| 2 | Citigroup | 4.25 million |
| 3 | JPMorgan Chase | 4.16 million |
| 4 | Morgan Stanley | 4.09 million |
| 5 | New York state (includes Port Authority ) | 3.32 million |
| 6 | Bank of America | 3.29 million |
| 7 | United Nations | 2.55 million |
| 8 | Credit Suisse | 2.48 million |
| 9 | Metropolitan Transportation Authority | 2.29 million |
| 10 | Viacom | 2.28 million |
| 11 | WeWork | 2.12 million |
| 12 | Goldman Sachs | 1.99 million |
| 13 | Bloomberg L.P. | 1.89 million |
| 14 | U.S. Federal Government | 1.87 million |
| 15 | Time Warner | 1.83 million |
| 16 | Deutsche Bank | 1.75 million |
| 17 | NBC Universal/Comcast | 1.59 million |
| 18 | Bank of New York Mellon | 1.58 million |
| 19 | CBS Corporation | 1.57 million |
| 20 | Barclays Capital | 1.52 million |
| 21 | Conde Nast | 1.28 million |
| 22 | American Express | 1.19 million |
| 23 (tie) | Consolidated Edison | 1.18 million |
| 23 (tie) | Ralph Lauren | 1.18 million |
| 25 | Google/Alphabet | 1.17 million |
| Source: CoStar ranking of Manhattan office tenants based on the total occupied square footage of a parent company, including all of the space occupied by its subsidiaries. In the case of a sublet, the space is credited to the occupier, not the sublessor. | ||
But with 2.1 million square feet occupied in Manhattan, WeWork ranks as the borough’s 11th largest office tenant, just on the outs of a club dominated by the public sector and big banks, according to an analysis by The Real Deal of CoStar data. All told, Manhattan’s 25 largest office tenants occupy 61 million square feet.
City Hall remains as the largest tenant with 8.5 million square feet, and big banks like Citigroup, JPMorgan Chase and Morgan Stanley sit atop the mountain.
Industry observers are watching the Trump administration closely for signs about how his stance toward financial deregulation could affect the real estate needs of big banks and other large space-users.
The U.S. Federal government leases 1.87 million square feet in Manhattan.