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WeWork signs lease at 437 Madison Ave. in NYC

Coworking giant WeWork Cos. Inc. agreed to occupy 362,197 square feet at 437 Madison Ave. in Manhattan, N.Y., the Commercial Observer reported.

The We Co. unit will replace Omnicom Group Inc. at the 40-story building that encompasses 850,000 square feet, according to the report. Omnicom's lease is scheduled to expire in 2020.

The property also counts Munich American Reassurance Co., Citizens Bank and Carnegie Corp. of New York among its tenants, the report added.

Separately, WeWork's parent decided to postpone its planned IPO to focus on its core business.