Reporter- San Francisco Business Times
WeWork, the fast-growing co-working office space provider, has signed a lease at 995 Market St. in San Francisco for its fifth Bay Area location.
The lease was 65,000 square feet, said Jeffrey Moeller of DTZ, who represented WeWork with Peter Conte and Zac Monsees on the deal. He declined to comment further. Long Market Property Partners, the landlord of 995 Market St., declined to comment.
New York-based WeWork provides desks and conference rooms, along with networking opportunities and food vendors, for entrepreneurs and startups for rates starting at around $400 per month.
It has commitments for around 300,000 square feet in the Bay Area, making it a dominant player in co-working space.
The industry that has risen in popularity with the rise of the technology sector and younger workers’ preferences for more flexible offices and amenities like lounges and snack bars.
The company has been valued at $5 billion by investors, according to the Wall Street Journal, and has aggressive expansion plans to grow to over 50 locations this year. It has more than 300 employees.
WeWork opened its Berkeley office at 2120 University Ave. in February. It also has spaces at 25 Taylor St. and 156 Second St. and signed a lease in December for 91,000 square feet at Boston Properties’ new skyscraper, 535 Mission St.
WeWork didn’t immediately return requests for comment. Bisnow first reported the lease.
Roland Li covers real estate and economic development