WeWork is Now the Largest Office Tenant in Manhattan

In a milestone development underscoring the growing demand for flexible office space, co-working company WeWork now is now the largest office space tenant in Manhattan, according to the Wall Street Journal.

The co-working startup recently signed a deal for 258,344 square feet of office space at 21 Penn Plaza, bringing its total space in Manhattan to 5.3 million square feet, surpassing the 5.2 million square feet owned and rented by JP Morgan Chase.

In related news, WeWork recently announced that it acquired analytics company Teem, which aims to help companies plan and use their offices effectively with a host of data-based technologies. According to Fast Company, Salt Lake City-based Teem makes software that enables office managers to manage desk and meeting room reservations and analyze how that space is being used.

WeWork was co-founded in 2010 by Adam Neumann and Miguel McKelvey, who started with one floor in 154 Grant St. in SoHo.

Their goal was to give freelancers and startups space to work in a professional setting without needing to sign long-term leases for private offices.

WeWork now has 50 locations in Manhattan, including 85 Broad St. in the Financial District, 750 Lexington Ave. in Midtown East and 8 W. 126th St. in Harlem, that are used by 50,000 members.