CHICAGO – September 15, 2022 – CEDARst Companies, a leading Chicago-based multifamily developer, today announced WeWork (NYSE: WE), a leading global flexible space provider, will open its first location on Chicago’s north side as part of the adaptive reuse of the historic Bridgeview Bank building, a 176-unit mixed use development.
Located at 4753 N. Broadway Avenue in Chicago’s Uptown neighborhood, WeWork Bridgeview Bank will offer nearly 25,000 square feet of flexible workspace when it opens this fall. The location is WeWork’s first management agreement in Chicago, first location on the city’s North Side and first location with a residential developer to build and establish a WeWork office as an amenity to the residential space. In addition, the deal opens up the possibility for future WeWork-managed locations across the CEDARst portfolio where there is demand.
This mixed-use Bridgeview Bank development, first constructed in 1925, will thoughtfully preserve and recondition 13 floors of landmarked space into retail and multifamily apartments while modernizing all building systems and amenities. The WeWork office will fill the iconic building’s grand hall on the second floor and mezzanine levels with turnkey workspace solutions including an open floor working concept, 60 custom-fit private offices totaling 176 desks, and up to 99 seats for WeWork All Access and WeWork On Demand use. The space will also feature amenities like phone booths and kitchen spaces, with architectural flourishes, including recommissioned bank teller spaces, fireplaces, and grand ornate windows.
“We’ve restored Bridgeview Bank, the most iconic building in Uptown, for a new generation of Chicagoans to enjoy,” said Will Murphy, CEO and Managing Partner CEDARst. “WeWork has been a tremendous partner in the creation of this reimagined space, bringing co-working, residential, and commercial opportunities together in a unique way for this neighborhood.”
“As more companies and individuals head back to the office, we keep hearing the same thing – people want greater flexibility in where, when, and how they work,” said Melinda Holland, Chief Operating Officer at WeWork. “As many workers desire the in-person collaboration and connection that the office affords, they also want the option of an office environment closer to home – resulting in increased demand for flex space outside of downtown. We’re excited to partner with CEDARst to meet residents where they are and bring flexible workspace solutions to residential communities in Uptown.”
WeWork Bridgeview Bank is WeWork’s twelfth location in Chicago and third opening in the market this year, following WeWork 448 N LaSalle in January and WeWork 167 Green in May. This newest location will also offer dedicated space for members using WeWork All Access, the company’s monthly subscription membership that provides access to hundreds of WeWork locations across the globe, and WeWork On Demand, which offers pay-as-you go access to workspaces and meeting rooms.
This opening is a thoughtful response to increased demand from Chicago residents for convenient, flexible, and hybrid work solutions. In fact, from January 2022 through July 2022, WeWork All Access bookings throughout Chicago increased by 147% and during the same time period, WeWork On Demand bookings increased by 356%.
“CEDARst has always been on the cutting edge of identifying trends that meet the needs of Chicagoans and having WeWork at their Bridgeview Bank location is another example of that,” said Alderman James Cappelman (46th Ward). “Uptown is filled with imaginative people from all walks of life, and WeWork allows these creative minds to meet and bounce ideas off one another. And there’s no better place to be creative than in the breathtaking lobby of the former Bridgeview Bank Building.”
The $58 million project will feature 176 apartments, including studio and 1-bedroom apartments, 13,500 square feet of retail space, and 19,000 square feet of traditional office space in addition to the nearly 25,000 square feet of WeWork space.
Residential amenities will include access to a 2,000 square foot fitness center and locker rooms, and a 3,000 square foot rooftop lounge with an outdoor deck and sweeping lake and skyline view.
The building will be managed by CEDARst’ property management company, FLATS, and is conveniently located just steps from the Lawrence Red Line stop, many major CTA bus lines, and the Aragon Ballroom, one of Chicago’s most iconic music venues. The building’s other longtime commercial tenants will continue operation in the mixed-use space.
Landmarked both locally and nationally, Bridgeview Bank joins the Lawrence House, the Draper, the June, and the Winnie as another dynamic CEDARst development in the Uptown area.
CEDARst Companies is a fully integrated multifamily developer headquartered in Chicago Illinois. With over 50 years of combined experience, CEDARst applies a vertically integrated approach to the development of residential assets. CEDARst’s $2 billion portfolio is comprised of more than 5,000 units, offering high quality apartments and a luxury experience at an approachable price point in markets across the country.
WeWork (NYSE: WE) was founded in 2010 with the vision to create environments where people and companies come together and do their best work. Since then, we’ve become one of the leading global flexible space providers committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences. For more information about WeWork, please visit us at wework.com.