New York, NY – May 13, 2024 – WeWork announced today its plans to continue operating the 201 Spear Street location after successful negotiations with Strada Investment Group. Under new terms of the lease, WeWork is confident it can operate a successful and sustainable coworking and flexible office space business at the South Financial District building.
“Strada shares in our long-term vision for a prosperous future at 201 Spear. We are pleased to have reached an agreement and appreciate their collaboration to reach a mutually beneficial outcome,” said Whitney Anderson, Senior Director of Real Estate at WeWork. “San Francisco remains an important market for WeWork. We are energized by the recent uptick in demand and leasing activity within the market, and are excited to refresh our footprint at 201 Spear to meet members’ needs.”
“As the new owner of 201 Spear, we firmly believe in the San Francisco office market and the long-term need for exceptional coworking environments. As the dominant incumbent in the space, WeWork brings a dynamic energy to our building that attracts and supports the Bay Area’s most innovative companies,” said Josh Mogabgab, Principal at Strada Investment Group. “201 Spear continues to offer an exceptional office experience in a convenient location with San Francisco Bay views and new neighborhood amenities. We are excited to come to terms with WeWork and share in the success of the building.”
WeWork has continued to see a resurgence in traffic in Bay Area locations. According to WeWork data, footfall has increased 40% in Q1 (as measured by keycard swipes), compared to the same time in 2022. Given this growing demand and past building performance, WeWork has decided to further invest in 201 Spear, refurbishing and reopening floors 5 and 6 for private office and All Access members in May.
WeWork first opened at 201 Spear in 2017. The building has consistently been popular amongst tech startups of all sizes due to its accessible location, close to major transit hubs such as the iconic Ferry Building, surrounding retail and restaurant ecosystem, proximity to large tech HQs and Class-A, and modern building amenities such as an outdoor terrace exclusive to WeWork members. Today, innovative companies like Nuro AI and Layer Financial have chosen 201 Spear for their San Francisco operations.
The assumption is subject to court approval. To schedule a tour or connect with one of our team members to learn more, please visit our website.
About WeWork
WeWork 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 a leading global flexible space provider committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences. For more information about WeWork, please visit us at wework.com.
