WeWork

The biggest news to surface in the turbulent waters of the WeWork saga may be the multibillion-dollar bailout and takeover by Japanese company SoftBank following a failed IPO and a company valuation that skidded from a reported $48 billion to $8 billion in a matter of months. And as part of a scramble for cash, the office space sublease and coworking disruptor has been expected to divest of the Lord & Taylor building at 424 Fifth Avenue; WeWork purchased the high-profile property–the former home of the department store's flagship location–with partners Rhone Capital and Hudson’s Bay for $850 million earlier this year. But, as Crain's reports, the company may be trying to lease the 660,000-square-foot property to high-paying office tenants as a way to raise the needed funds.
Will the building be back on the market soon?

Real Estate Trends

WeWork’s private NYC elementary school, WeGrow, will close after current school year

Photo by Laurian Ghinitoiu courtesy of WeWork

October 14, 2019

WeWork’s private NYC elementary school, WeGrow, will close after current school year

Following a failed IPO and an impending takeover by Japanese parent company SoftBank amid an exodus of investors, office space sublease and coworking brand leader WeWork informed parents that the 2019-2020 school year would be the last for the newly-launched Manhattan elementary school, HuffPost reports. Rebekah Neumann, the co-founder of the company and wife of its recently-ousted CEO, Adam Neumann (and first cousin of Gwyneth Paltrow), had helmed the educational program for children ages three to nine, titled WeGrow, with a focus on education through play and interaction. The small New York City private school opened in 2018 with a tuition bill of between $22,000 and $42,000 a year. On the curriculum were yoga, dance and martial arts and weekly trips to an upstate farm to learn how to plant and harvest crops–in addition to fundamental courses, all with a heavy emphasis on creative expression and immersion in nature.
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Amazon considers leasing historic former Lord & Taylor flagship from WeWork

Photo courtesy of Lord & Taylor

July 26, 2019

Amazon considers leasing historic former Lord & Taylor flagship from WeWork

By Alexandra Alexa

Earlier this week reports circulated that Amazon might be eyeing Industry City for new office space in Brooklyn, but the company’s search isn’t limited to one borough. As the Wall Street Journal reported, Amazon is searching throughout New York City for a space large enough to accommodate its growing workforce and is in talks with WeWork to lease space in the historic Lord & Taylor flagship store, which WeWork bought earlier this year. Spokespeople for both companies declined to comment, but sources say Amazon is considering leasing a part of the building or the entire 12 stories. The Journal also noted that Amazon is looking into other locations, including the Farley Post Office across from Penn Station.
More details

Uncategorized

WeWork Food Labs will open in West Chelsea to support innovative food-related startups

A rendering of the WeWork Food Labs space. Image courtesy of WeWork.

March 15, 2019

WeWork Food Labs will open in West Chelsea to support innovative food-related startups

Coworking, office space leasing (and everything else) company WeWork has launched its second "innovation lab." WeWork Food Labs intends to nurture early-stage startups focused on the future of food. Food Labs will offer dedicated space, community, and programming to entrepreneurs who are tackling challenges in food-related industries from hospitality, consumer goods and kitchen appliances to supply chain management, agricultural technology, distribution software, robotics and more, all of which are apparently very much in need of innovation. A flagship New York City location will open in late 2019 at 511 West 25th Street adjacent to the High Line in West Chelsea.
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Policy

Rebranded WeWork opens an on-demand workspace and cafe in Flatiron

Images courtesy of The We Company; Photography by Dave Burk.

January 23, 2019

Rebranded WeWork opens an on-demand workspace and cafe in Flatiron

Recently re-branded as the We Company, the juggernaut formerly known as WeWork has introduced Made By We, an "on-demand workspace," event space, retail shop and cafe at 902 Broadway in the Flatiron district. Manhattan's largest private office tenant adds the new retail and no-membership-required co-working concept to a growing list of conquests that includes the landmarked Lord & Taylor building which they've tapped starchitect Bjarke Ingels to restore and co-living (WeLive) and childhood education (WeGrow) ventures as well as their better-known co-working brand.
More We this way

City Living

November 19, 2018

First look at the glassy rooftop addition Bjarke Ingels is planning for the Lord & Taylor building

As 6sqft reported earlier this month, Bjarke Ingels' restoration of the landmarked Lord & Taylor building won't alter the design of the original structure all that much. But one major update the Bjarke Ingels Group will bring to the 104-year Fifth Avenue department store includes a new roof terrace with multi-use areas and a glassy courtyard. The firm's proposal, set to be presented to the Landmarks Preservation Commission on Tuesday, reveals a new rendering of the rooftop as well as plans to change the iconic store's signage.
Design updates here

Bjarke Ingels’ design for WeWork’s Lord & Taylor takeover shows few changes

Via Bjarke Ingels Group

November 7, 2018

Bjarke Ingels’ design for WeWork’s Lord & Taylor takeover shows few changes

The first set of renderings of Bjarke Ingels' restoration of the landmarked Lord & Taylor building was released last month and it appears the starchitect's firm will not sway too far from the original structure's design. WeWork hired BIG last year to preserve the 104-year-old store, which will become the co-working company's new global headquarters. In its presentation on Oct. 30 to Manhattan's Community Board 5, the firm explained its plan to reconfigure the ground-floor, install canopies, replace signage, and more, as first reported by the Associated Press.
See the design

Architecture And Design

October 1, 2018

Lord & Taylor will end its 104-year run with a massive sale and just two holiday windows

Photo courtesy of Lord & Taylor At the beginning of next year, Lord & Taylor will close its Fifth Avenue flagship after a 104-year run. Owner Hudson’s Bay Co. sold the 676,000-square-foot Italian Renaissance building to WeWork for $850 million a year ago in an attempt to keep the department store brand afloat. With just a few months left at their storied location, Lord & Taylor will launch on Thursday a final “store closing” sale that will last through the holidays, according to the Post. And speaking of the holidays, they've also decided that instead of their normal six window displays between 38th and 39th Streets, they'll only decorate two this holiday season.
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Uncategorized

WeWork is officially Manhattan’s largest private office tenant

Photo via WeWork

September 18, 2018

WeWork is officially Manhattan’s largest private office tenant

With 5.3 million square feet of office space, WeWork is officially Manhattan's largest private office tenant. Last month, we reported that the co-working giant needed just 74,000 more square feet to take the title from JPMorgan Chase & Co., and with their new, 258,344-square-foot location at 21 Penn Plaza, their 50th in the borough (they have 60 in NYC total), they've now surpassed them. The news comes via a blog post by WeWork exec Granit Gjonbalaj, who credits the company's "expertise" and the team's "holistic nature" that has allowed them to "identify, build, and deliver new locations better and more quickly than a typical developer."
Get the details

Real Estate Trends

See inside WeWork’s first elementary school in NYC designed by Bjarke Ingels

WeWork opened its first elementary school in Chelsea last week, equipped with modular classrooms, tree houses and giant floor cushions, dezeen reported Wednesday. Bjarke Ingels was tapped last year to design the WeGrow school on West 18th Street, designated for children ages three to nine, with a focus on education through play and interaction. New photos from the co-working company reveal open-plan classrooms with multi-functional furniture and lots of natural light.
Take a tour

Architecture And Design

WeWork on track to become the biggest private office tenant in Manhattan

Image via WeWork

August 24, 2018

WeWork on track to become the biggest private office tenant in Manhattan

If WeWork leases just 74,000 square feet of office space, the co-working space company will become the biggest private office tenant in Manhattan, the blog recode reported Thursday. This means WeWork would bypass JPMorgan Chase & Co. as the largest private office tenant in the borough. WeWork currently has 57 locations in NYC and represents a little under three percent of office space in the city, but is expected to grow to represent between five and 10 percent over the next decade. How are they securing all of this square footage? Offering brokers 100 percent commissions and huge rental discounts for tenants.
More here

Real Estate Trends

June 5, 2018

Lord & Taylor is closing its 104-year-old Fifth Avenue flagship store

Photo courtesy of Lord & Taylor Lord & Taylor's iconic New York City flagship store will close its doors next year, after occupying the Fifth Avenue building for 104 years. In an attempt to keep afloat last year, Hudson's Bay, owner of the department store, sold the 676,000-square-foot building for $850 million to WeWork, who planned to make the landmark its new global headquarters. While Lord & Taylor was left with roughly 150,000 square feet of space at 424 Fifth Avenue, the company struggled to maintain profitability after the turnover of the building to WeWork. Including the iconic flagship, the company will also close as many as 10 Lord & Taylor stores total (h/t Bloomberg). In a first-quarter report, Hudson's Bay said: "Exiting this iconic space reflects Lord & Taylor's increasing focus on its digital opportunity and HBC's commitment to improving profitability."
More here

Real Estate Trends

Fresh set of renderings for Dock 72, the new home for WeWork at the Brooklyn Navy Yard

Rendering of Dock 72 via Ekoomedia

May 30, 2018

Fresh set of renderings for Dock 72, the new home for WeWork at the Brooklyn Navy Yard

New renderings have been unveiled of Dock 72, a 675,000-square-foot office building co-developed by Boston Properties and Rudin Management for the evolving Brooklyn Navy Yard. Surrounded by water on all sides but one, Dock 72, designed by S9 Architecture, features outdoor terraces, 35,000 square feet of amenities and unobstructed views of Manhattan. As the anchor tenant and co-developer, WeWork will occupy a third of the space, or 220,000 square feet. With its glassy facade installed, the 16-story office building is scheduled to wrap up construction in the fall, becoming one of the largest ground-up office buildings in the borough in nearly three decades.
See them here

WeWork hires Bjarke Ingels as Chief Architect

Photo of WeWork CEO Adam Neumann and Bjarke Ingels, by Alexei Hay for WeWork

May 8, 2018

WeWork hires Bjarke Ingels as Chief Architect

By Michelle Sinclair Colman

WeWork, the $20 billion provider of co-working and temporary office spaces, just announced that rockstarchitect Bjarke Ingels will be their Chief Architect, a role in which he'll advise the company on all their projects, as well as offer his insights and ideas. With Bjarke at the helm, WeWork hopes to impact buildings, neighborhoods, and even broader, the cities in which they're located by working with city planners and politicians to change the future for the better. In a press release written by CEO and co-founder Adam Neumann, WeWork boasts Bjarke’s creativity and practicality: “Bjarke caught my attention because he’s changing the way we think about architecture. His designs inspire as much as they surprise."
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Architecture And Design

February 12, 2018

How NYC companies use workplace design and perks to affect emotional health and productivity

By Michelle Sinclair Colman

Modern companies understand that in order to attract and retain the best talent, they have to compete on more than salaries, vacation, and healthcare. Companies like Google, WeWork, Pixar, and Facebook are well known for providing workspaces that inspire creativity, collaboration, and innovation. Clive Wilkinson, the architect of Google’s Silicon Valley headquarters, is quoted as saying, “75 to 80 percent of America is cubicle land. Cubicles are the worst - like chicken farming. They are humiliating, disenfranchising and isolating. So many American corporations still have them." Modern office designs are the opposite of closed off, fluorescent-lit cubicles- they are open with natural light and little, if any, suggestion of hierarchies. In addition to designing workspaces that inspire creativity, these modern companies also providing perks like free food, drink, and recreation to entice employees. So what are some of the best practices in designing offices for people’s emotional health and productivity? And what other perks do companies have to offer to attract the top talent?
Here's what companies are offering up

WeWork will open its office spaces to graduate students seeking online degrees

Photo via pixabay

January 22, 2018

WeWork will open its office spaces to graduate students seeking online degrees

The co-working company WeWork made headlines in November for announcing its plan to open a private elementary school in New York City designed for "conscious entrepreneurship." Now, the company has an idea to appeal to a slightly older market: graduate students. According to Bloomberg, WeWork will partner with 2U Inc., an online education provider, to give students seeking an online graduate degree access to any of the co-working offices, with the ability to rent conference rooms for study groups and enjoy the fast WiFi.
More this way

Policy

Bjarke Ingels to design WeWork’s new ‘capitalist kibbutz’ entrepreneurial elementary school

Rendering of the planned school by Bjarke Ingels Group (BIG). Source: WeWork via Bloomberg.

November 6, 2017

Bjarke Ingels to design WeWork’s new ‘capitalist kibbutz’ entrepreneurial elementary school

Fast-growing coworking brand WeWork has been in the news recently for the company's rapid expansion into everything from "co-living" to wellness, including a planned move into the former Lord & Taylor department store Fifth avenue flagship building, which will become the company's new HQ. Now, Bloomberg reports that the $20 billon startup, which boasts offices in 57 international cities, has plans to launch a private elementary school for “conscious entrepreneurship”called WeGrow in a New York City WeWork location next year. The company has even tapped Danish architect du jour Bjarke Ingels' firm BIG to design the first WeWork school, which will likely be within the aforementioned new Fifth Avenue headquarters.
More about WeGrow

Architecture And Design

Lord & Taylor’s iconic Fifth Avenue building will become WeWork’s global headquarters

Photo courtesy of Lord & Taylor

October 24, 2017

Lord & Taylor’s iconic Fifth Avenue building will become WeWork’s global headquarters

With rising rents and a national shift towards e-commerce, retail vacancies in NYC have continued to rise, especially in affluent areas like the Fifth Avenue corridor. Old-school department stores, which once served as cultural destinations where shoppers would spend entire afternoons, have been hit especially hard since they occupy such large sites. One of Midtown's most iconic, the 103-year-old Lord & Taylor flagship at Fifth Avenue and 39th Street, has decided to stay afloat by selling its 676,000-square-foot Italian Renaissance building to WeWork for $850 million. The co-working company will relocate its global headquarters to the landmark, reports the Times, leaving less than a quarter of the space, roughly 150,000 square feet, to Lord & Taylor.
Get the whole scoop

Uncategorized

January 13, 2016

WeWork’s Communal Living Concept on Wall Street Gets Its First Residents

Co-working space provider WeWork (which has 40,000 members in 19 US, European and Asian cities that share office space with perks like free coffee, cool furniture and a communal atmosphere) has launched their new "co-living" apartment concept, beginning with 45 units in a Wall Street building. FastCompany reports that last weekend, 80 new residents moved into furnished apartments at 110 Wall Street, where the company already runs a co-working space on the building’s first seven floors. They're part of what the company says is the first stage of beta testing for this community-driven concept, with New York City as the guinea pig. The concept is, according to a company spokesperson, "focused on enabling people to live more fulfilling lives. During this testing phase, we’ll be listening to feedback from our community." Plans are in the works to accommodate 600 people on 20 floors of the building.
Find out more about the latest co-living experiment

New Micro Apartment Communities Are Flexible but Not Cheap

Is this the dorm-itization of NYC? via 20071110_0213 via photopin (license)

March 13, 2015

New Micro Apartment Communities Are Flexible but Not Cheap