Is WeWork Coming to ATL Next?
Sources tell us the granddaddy of co-working space providers for the tattoo-and-beard generation is scouting Buckhead and Midtown for a possible Atlanta location. And the front-runner: Terminus 100.
Sources say in recent months, NYC-based WeWork has been scouting the metro Atlanta market for 50k SF to 75k SF for a new location that would make it the 16th worldwide city, including Boston, NYC and London. And WeWork itself has been on a growth explosion in recent months, especially after the company—under the leadership of co-founders Miguel McKelvey and Adam Neumann—raised in excess of $350M late last year.
While sites in Midtown have been under consideration, the focus appears stronger in Buckhead, sources tell us. And some experts say it makes sense, given WeWork's customer base—young startup execs, entrepreneurs and tech execs who want to work in a collaborative environment. Buckhead's already seen a proliferation of this type of space provider in recent years, from Atlanta Tech Village to Roam and Deskhub (which we reported here). It's close to Midtown—which has been the preferred submarket for companies seeking Millennials and Georgia Tech/GSU student prospects. And it's also central to the northern suburbs, home to many of the more seasoned and senior tech execs. While no deal has been struck with any building yet, numerous real estate sources say WeWork is focused on the Terminus mixed-use project, and especially the 100 tower.