Columbia Property Leases 149 Madison Ave. to WeWork

Photo: WeWork is leasing 115,000 square feet of space at 149 Madison Ave.

NEW YORK — Columbia Property Trust, Inc. has signed a 115,000-square-foot, long-term lease with WeWork, the world’s leading shared office space provider, for the entire office portion of 149 Madison Avenue, Columbia’s 12-story Midtown South building.

WeWork has recently become the largest office tenant in New York and the privately-held company has an estimated worth of $24 billion.

“With 149 Madison, we saw a unique opportunity to create a custom-designed, boutique building that would provide a differentiated experience for tenants,” said Nelson Mills, chief executive officer of Columbia. “WeWork shares our vision for this special building’s potential, and we look forward to working with them to position 149 Madison as an ideal home for tenants seeking high-end creative space in Midtown South.”

Columbia is a real estate investment trust that owns six office properties in Midtown Manhattan that include a total of 1.7 million leasable square feet, plus one building under development. With this latest lease at 149 Madison, Columbia’s Manhattan portfolio is 98 percent leased.