WeWork’s portfolio in the Financial District portfolio expanded again after the firm took another 50,000 square feet on Wall Street.
The firm signed lease at the Pyne family’s 30 Wall Street for its headquarters by WeWork platform, which provides space to mid-size tenants free of WeWork branding, the company said Monday. It signed up for floors two through six and the 11th floor in the 108,000 square foot building. Asking rents were not divulged.
It comes as WeWork’s parent company, The We Company, prepares for an initial public offering this year. After its most recent investment from Softbank in January, the firm was valued at $47 billion, but it’s unclear at what valuation the company plans to enter the public markets. The company is expected to release its first quarter earnings for 2019 on Wednesday.
The firm said its headquarters brand currently has 40 location in New York, San Francisco and Toronto, which it has rolled out since last year. The product is similar to that offered by Knotel, a major WeWork competitor with more than 200 locations.
WeWork changed its headquarters brand name from HQ by WeWork after Regus filed a copyright infringement claim against the company in October, alleging that it encroached on its HQ Network System brand. Granit Gjonbalaj, WeWork’s head of real estate development, said the firm had experienced significant demand in the Financial District, where the startup now has eight locations. In February, the company signed a 200,000 square foot lease at 199 Water Street, and last month signed for 17,350 square feet of space at EQ Office’s 44 Wall Street. The company also has five floors for its coliving and coworking business at 110 Wall Street, which it signed with Rudin Development in 2013. Rudin is now looking to sell that building.