Within the past month, the New York-based coworking company WeWork has snapped up three new leases in Denver, bringing its total number of offices in the city to eight and leased space to 610,029 square feet.
A Cushman and Wakefield report released in mid-October detailed the growing popularity of coworking in Denver. It found only 21,381 square feet of coworking space in Denver’s Central Business District at the beginning of 2015, the same year that WeWork entered the market.
The company first leased 67,800 square feet in Lower Downtown’s Triangle Building at 1550 Wewatta St. WeWork is currently the No. 1 coworking company in the Denver metro when ranked by total square feet, according to Denver Business Journal research.
Rent for private desks in Denver’s WeWork locations range from $690 to $760 per month and “hot desks,” or access to any open seat in the common area, range from $360 to $380 per month, according to the company website.
Perks of working in a WeWork space include common areas described as “living-room-style spaces designed for creativity, comfort and productivity” and professional and social events “from workshops to thought-leader panels and cheese tastings,” according to the website. More traditional office amenities include high-speed internet, cleaning services and coffee.
The company most recently took the top four floors of 821 17th St. The space will house 600 desks across 87,810 square feet and is expected to open in the third quarter of 2019.
The property was built in 1907 and is listed on the National Historic Register. It formerly served as the headquarters for Colorado Business Bank and its predecessor, Women’s Bank. Harbor Associates LLC, in a joint venture with Goldman Sachs Asset Management Private Real Estate, purchased the 115,000-square-foot building for $17.6 million in October 2017 and renamed it The Vault, a nod to the many historic vaults in the building.
In November, the company leased 52,520 square feet at The Circa Building, located at 1615 Platte St. in the Lower Highland neighborhood and another 63,070 square feet in the yet-to-be-built Revolution360 building in the River North neighborhood. Upon completion, Revolution360, at 3600 Brighton Blvd., will be a five-story office and retail building.
Another milestone was hit in November when Denver’s first sale of a WeWork-anchored building fetched $45.5 million. Called the Lab on Platte, the building is about 500 feet from the company’s Circa Building location.
WeWork’s speedy growth and domination of Denver’s office space isn’t unique. The company officially became New York City’s largest office tenant in September with 5.2 million square feet of space in the city. The shared workspace company now has more than 268,000 members in 287 locations across 77 cities in 23 countries, according to WeWork.
WeWork was founded in 2010 and in November was valued at $45 billion by Japan’s SoftBank, which would make the company the second-most valuable startup behind Uber.
As WeWork has scaled up all over the globe, it may have become too big to fail, according to a recent report from the New York Times.
“WeWork has gobbled up leases for so much space in so many cities, there’s a compelling case to be made that its landlords wouldn’t be able to afford for it to go under,” reporter Andrew Ross Sorkin writes.
WeWork’s leased space Denver:
The Vault at 821 17th St.: 87,810 square feet
The Hub in RiNo at 3601 Walnut St.: 45,350 square feet
The Circa Building at 1615 Platte St.: 52,520 square feet
Revolution360 at 3600 Brighton Blvd.: 63,070 square feet
The Wells Fargo Center at 1700 Lincoln St.: 106,770 square feet
The Lab on Platte at 2420 17th St.: 47,259 square feet
The Tabor Center at 1200 17th St.: 139,450 square feet
The Triangle Building at 1550 Wewatta St.: 67,800 square feet
Originally Published on December 6, 2018 at 12:30PM
Article published originally via “wework” – Google News https://www.bizjournals.com/denver/news/2018/12/06/wework-denver-offices.html