NEW YORK: Columbia Property Trust and WeWork 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 creates value through owning, operating and developing Class-A office buildings in New York, San Francisco, Washington D.C., and Boston. The Columbia team is deeply experienced in transactions, asset management and repositioning, leasing, development, and property management. It employs these competencies to grow value across its high-quality, well-leased portfolio of 15 properties that contain approximately seven million rentable square feet, as well as four properties under development, and also has approximately eight million square feet under management for private investors and third parties. Columbia has investment-grade ratings from both Moody’s and S&P Global Ratings.