WeWork competitor Cowork|rs inked a 20-year lease for about 30,000 square feet in Bushwick.
The new location, the firm’s second in Brooklyn, is at a three-story, 29,000-square-foot building at 839 Broadway, near the Myrtle Avenue subway stop.
Cowork|rs has a 42,000-square-foot location at 68 3rd Street in Gowanus.
The company signed the lease for the newly rehabilitated industrial building in Gowanus in March 2015.
Asking rents at 839 Broadway in Bushwick are in the $30s per square foot, Crain’s reported.
Shlomo Silber, Cowork|rs chief executive and founder, told Crain’s it will probably cost millions to renovate and restore the building, adding that there are plans for a rooftop and large outdoor deck. Landlord Deergrow Developments will share costs to upgrade the property, according to Crain’s.
The space is slated to open in early 2018.
As The Real Deal reported earlier this month, Brooklyn has 1 million square feet of co-working spaces with more than 500,000 square feet in the pipeline, which includes co-working giant WeWork’s planned 220,000-square-foot location at the Brooklyn Navy Yard.
WeWork, founded by Adam Neumann and Miguel McKelvey in 2010 and valued at $16 billion, recently opened its WeLive co-living venture at 110 Wall Street. [Crain’s] — Dusica Sue Malesevic