Trendy shared office space provider WeWork has joined forces with Forest City Ratner in its bid to redevelop the Lower East Side’s Seward Park, the Wall Street Journal reported.
Last week, Forest City Ratner and other top developers, such as the Related Companies and AvalonBay Communities, submitted proposals for the 1.65 million-square-foot site, which was approved by the city last year and is slated to offer 1,000 housing units, as well as retail and office space. Forest City Ratner’s plans included a roughly 400,000-square foot headquarters for WeWork.
WeWork’s founder Adam Neumann – who was recently profiled by The Real Deal
– told the Journal that the company has leased nearly 700,000 square feet in the city over the past three years.
The Forest City Ratner partnership includes the Metropolitan Council on Jewish Poverty and the Henry Street Settlement, a Lower East Side-based social service organization, a person with knowledge of the bid told the Journal. If the partnership wins the bid, Forest City Ratner would locate its workforce development program in the project. [WSJ, 2nd item] –Hiten Samtani