UPDATED: Monday, July 10 at 1:38 p.m. WeWork’s Chinese competitor UrWork plans to open its first New York City location this month, the company’s founder Mao Daqing said in an interview.
On Monday, UrWork announced that it had joined forces with Serendipity Labs on a 34,000-square-foot lease at Fosun International’s 28 Liberty Street in the Financial District.
The Beijing-based company, which was most recently valued at $1.3 billion and counts Sequoia Capital China among its investors, expects open 160 new locations in 32 cities in the coming three years. Last month, it opened its first location outside of China, in Singapore. New York-based WeWork, in turn, opened its first space in China last year.
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UrWork operates close to 100 locations in China, according to Mingtiandi.
The company is entering a highly competitive market, where dozens of co-working firms battle for a small but growing pool of customers. In May, co-working company Work Better shuttered its Bryant Park location amid heightened competition. [Mingtiandi] — Konrad Putzier
This story was updated to reflect that it signed a partnership at 28 Liberty Street with co-working firm Serendipity Labs.