Fried Frank acted as counsel to RXR Realty (RXR) in connection with its 90,000-square-foot lease with WeWork at 75 Rockefeller Plaza in New York City. As part of the agreement, WeWork and RXR, in a first-of-its-kind deal, will share the cost of renovations and the revenue generated from WeWork users. Fried Frank also advised RXR in its more than 200,000-square-foot lease to WeWork at 620 Sixth Avenue in New York City, which will be used to expand WeWork's headquarters. In order to make the space available for WeWork, RXR negotiated and coordinated early surrenders of the space by both Spotify USA, Inc. (which gave up its 115,000-square-foot space to move to a larger location) and Mediaocean (which gave up its 90,000-square-foot space to move to a smaller location).
The Fried Frank teams were led by real estate partner Meyer Last and included real estate associate Jing Jin on the 75 Rockefeller Plaza lease and real estate associate Philip M. Fitzpatrick on the 620 Sixth Avenue lease.