WeWork Inking First Deal In The Woodlands
Want to get a jump-start on upcoming deals? Meet the major Houston players at one of our upcoming events!
Hughes Landing is in the process of sealing a deal with a coworking tenant.
New York City-based WeWork plans to expand into The Woodlands. The coworking company already has locations in Downtown and the Galleria area, and this lease would signify the first location in a Houston suburb.
If the lease is signed, WeWork would open in Hughes Landing, a 66-acre mixed-use project developed by the Dallas-based Howard Hughes Corp., in four or five months, Howard Hughes President of the Central Region Paul Layne told the Houston Business Journal.
"The idea of creating spaces that can be an incubator, if you will, for companies … it is something that I think The Woodlands is for," Layne told the HBJ.
The details of The Woodlands lease were not released. The Galleria location occupies 56K SF at Galleria Tower I, while the Downtown space is 82K SF inside 708 Main, a historic building that was renovated and rebranded. The company also has three locations apiece in Dallas and Austin.
In September, The Howard Hughes Corp. made a play for more office space in The Woodlands. The company purchased two vacant buildings for $53M, Bisnow previously reported.
The portfolio, at 2103 Research Forest Drive, includes about 257K SF of rental space that the company intended to lease as soon as possible. Before the deal, the company said it had little office space available to lease at Hughes Landing.