Amazon has expanded its office space at 1440 Broadway in Times Square, increasing its presence by 259,000 square feet. This brings Amazon’s total footprint in the building to 560,000 square feet out of the property’s total 745,000 square feet. The building is owned by CIM Group and QSuper.
The newly added space is operated by WeWork. Details about the rent and lease duration were not disclosed.
“WeWork is proud to continue supporting Amazon’s real estate strategy in key markets — notably in New York City,” a spokesperson for WeWork said.
Cushman & Wakefield brokers Theodora Livadiotis, Anthony LoPresti, and Ethan Silverstein represented WeWork in this transaction.
Amazon has been actively expanding its office presence across New York City. Earlier this year, it signed a 330,000-square-foot lease at Property & Building Corp’s 10 Bryant Park. This deal was one of Midtown’s largest office leases over the past five years. In addition to that agreement, Amazon recently secured a 193,000-square-foot sublease at RXR and Walton Street Capital’s 237 Park Avenue; increased its space by 112,000 square feet at Brookfield Properties’ 5 Manhattan West (where it already leased from WeWork); and took a new lease for 304,000 square feet at Vornado Realty Trust’s 330 West 34th Street through another partnership with WeWork.
In 2020, Amazon bought the former Lord & Taylor building for $1.2 billion to serve as its Manhattan headquarters.
Meanwhile, financial challenges have affected the ownership of 1440 Broadway. Two months ago, a $399 million loan tied to the property entered special servicing again after previous attempts at loan modification and changes in property management failed to resolve issues related to balloon payments or maturity defaults. These difficulties had previously led to a significant decrease in the building’s value—from $595 million down to $320 million—after an earlier missed maturity payment.
