The Real Deal New York

WeWork, Kushner mulling WeLive in Jersey City

One Journal Square could become company's third co-living location

June 20, 2016 11:00AM
By Konrad Putzier

Rendering of One Journal Square (inset from top: WeWork's Adam Neumann and Jared Kushner)

Rendering of One Journal Square (inset from top: Jared Kushner and WeWork’s Adam Neumann)

Jersey City could become home to WeWork’s third co-living location in the U.S. The shared office company and Kushner Companies are mulling turning part of the 57-story development One Journal Square into a WeLive space, according to a source familiar with the project.

Kushner Companies plans to complete the $400 million tower, developed in partnership with WeWork and KABR Group, in 2018. According to previous news reports, WeWork will run a 101,000-square-foot co-working space in the building. The co-working company in November won a $59 million award from the New Jersey Economic Development Authority for the project, which the authority estimates will create 723 full-time jobs.

Kushner Companies and KABR bought the site for $27 million in January 2015 and are also partnering on two other Jersey City developments at 30 Journal Square and at 65 Bay Street.

In April, WeWork officially launched its first co-living space under the WeLive brand in Rudin Management’s 110 Wall Street in lower Manhattan. WeLive tenants can rent rooms or beds in shared apartments for upwards of $1,375 per month in the tower, which also includes a co-working space. The company also operates a WeLive in Vornado Realty Trust’s Crystal City office complex outside Washington, D.C.

Representatives for Kushner Companies and WeWork declined to comment.

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