The Real Deal New York

Rudin, Boston Properties back Navy Yard’s WeWork building

Shared office space provider will anchor the 675K sf facility
July 06, 2015 11:30AM

Rudin Management and Boston Properties are the developers behind WeWork’s planned office building at the Brooklyn Navy Yard, the firms announced Monday.

WeWork will be the anchor tenant in a new 675,000-square-foot waterfront facility, taking up 222,000 square feet, according to Bloomberg News. The shared office space provider participated in the design of the building by S9 Architecture. The layout will mimic converted warehouses, with 14-foot ceilings and open floor plans. Unofficial renderings leaked in May.

The project is both Rudin and Boston Properties’ first in Brooklyn. WeWork has another location in Dumbo, and 15 others in Manhattan.

WeWork has seen rapid growth recently, and was valued at $10 billion last month in its latest round of financing, after seeing a $5 billion valuation last year.

William Rudin, CEO of Rudin Management, said WeWork is “creating an environment that we think is the future of real estate.”

Rents in the building will be $60 per square foot. The building will support 4,000 workers, who will be required to make at least $13.30 per hour, pursuant to an agreement with the city. [Bloomberg News] — Tess Hofmann