Quantcast

The Real Deal Los Angeles

WeWork grows its new “HQ” line with San Francisco deal

The company is taking four floors at 800 Market Street
By Natalie Hoberman | August 14, 2018 05:00PM

Adam Neumann, 800 Market Street (Credit: TechCrunch via Flickr)

First it was freelancers. Then it was big corporations. Now, it’s everything in between.

WeWork, the co-working giant, has inked a deal for four floors at a San Francisco office building that will serve as part of the brand’s new “HQ By WeWork” line, which caters to medium-sized business.

WeWork will be occupying 17,500 square feet at 800 Market Street, the company announced Tuesday. Invesco, an investment management firm based in Atlanta, owns the eight-story office tower.

The co-working firm’s latest foray into mid-sized businesses, defined as firms with 10 to 250 employees, is a stark contrast from the firm’s bread and butter — freelancers and startups. The “HQ” line will also allow some tenants to display their own branding more prominently inside the building, avoiding the generic co-working look.

In New York, WeWork has already been aggressively expanding its mid-sized portfolio. It signed a 25,000-square-foot lease in the West Village last week, snagging two floors in a 16-story building owned by Centaur Properties.

Combined, WeWork closed 440,000 square feet in lease deals under the new initiative, the company announced Thursday. Its other Manhattan locations are on Broadway, Fifth Avenue, 23rd Street, 21st Street, 40th Street and 27th Street.

The firm said it is on track to complete 1 million square feet of “HQ” product within 12 months, in both New York and San Francisco.