Columbia Property Trust and WeWork have released a joint statement on Thursday regarding termination of WeWork’s lease at 149 Madison Avenue in Manhattan.
The statement said: ”Columbia Property Trust and WeWork today announced that they have mutually agreed to terminate WeWork’s lease at Columbia’s 149 Madison Avenue.
”This decision is part of WeWork’s plan to seek profitable growth and optimize the company’s real estate portfolio, while allowing Columbia to assume full control of 149 Madison Avenue, including all improvements that WeWork has completed at the property to date, and market the boutique building’s 115,000 square feet of modern, high-end office space for lease.”
”WeWork and Columbia Property Trust look forward to continuing their productive relationship at 80 M Street in Washington, D.C., and 650 California Street in San Francisco and providing a wide range of companies with first-class, flexible space solutions.”
Columbia Property Trust has renovated the building in 2019. Columbia has collaborated on this redevelopment with WeWork to transform 149 Madison into a boutique office address with modernized amenities and infrastructure. In late 2018 WeWork has signed a 115,000-square-foot, long-term lease with Columbia Property Trust for all of the office space at the 12-story building.