WeWork has inked yet another deal with The Meridian Group, this time near Mount Vernon Square, fresh off a joint venture it formed with the Bethesda-based developer to buy another building near Dupont Circle.
The popular coworking space provider has signed a lease for about 66,500 square feet at 700 K St. NW, part of Meridian’s repositioned Anthem Row across from the Carnegie Library. But unlike at 1333 New Hampshire Ave. NW, WeWork is not buying an equity stake at 700 K St., only renting space there.
“We are excited to be part of this new development, which further demonstrates our commitment to growth in the DC area, especially in the flourishing Mt. Vernon Square area,” Lex Miller, director of operations for WeWork’s Northeast and Mid-Atlantic regions for WeWork, said in a statement.
WeWork is the latest tenant to lease space at Anthem Row, formerly known as Techworld Plaza, joining the Information Technology Industry Council, law firm Baker Botts LLP, and fitness center Equinox.
The new location, with more than 1,100 desks, is slated to open next December and will put more emphasis on larger, enterprise members, according to WeWork. It hopes to attract companies with more than 1,000 employees to the location, a category in which WeWork says it has seen membership growth of more than 210 percent from June 2017 to June 2018.
With the new lease, WeWork extends its position as the dominant coworking space provider in Greater Washington, according to new research from Cushman & Wakefield. The company has more than 800,000 square feet regionally, or about 24 percent of the area’s coworking space market, putting it ahead of Regus at 20 percent and MakeOffices at 10 percent.
Combined, according to Cushman & Wakefield, tenants have leased an average of 500,000 square feet a year in coworking spaces in Greater Washington since 2016, with another roughly 350,000 square feet in the works. For a reference point, that half-million square feet is equal to the initial footprint Amazon expects to lease from JBG Smith Properties (NYSE: JBGS) in Crystal City.
Originally Published on December 4, 2018 at 08:37PM
Article published originally via “wework” – Google News https://www.bizjournals.com/washington/news/2018/12/04/wework-expands-relationship-with-meridian-to-a.html