WeWork Signs Oakland's Largest Office Lease In 12 Months At TMG Partners' Building
WeWork continues to grow its Bay Area presence. The coworking giant added a lease for 68K SF at 2201 Broadway in Oakland this week, marking the city's largest lease in 12 months.
TMG Partners, which purchased the building in 2016 and invested in a year of renovations at the historic Breuner Building, signed WeWork for three full floors. The coworking company will occupy the floors in three phases, moving into the first phase immediately. Phase 2 will start in January 2020.
“The iconic Art Deco-designed Breuner Building, now fully restored and renovated, is a very attractive draw for tenants such as WeWork who want an environment that combines true architectural authenticity with modern design and technology,” TMG Partners Director of Development David Cropper said in a statement. “With large floor plates and high ceilings, the property is ideally suited for creative, technology and other startup tenants — not to mention our location within two blocks of BART, Lake Merritt and a myriad of restaurants and entertainment venues.”
WeWork has signed multiple leases around the Bay Area this year.
Just last week, the company leased 103K SF in the McKesson building at 1 Post St. in San Francisco, the San Francisco Business Times reports. WeWork has opened more than 21 locations with close to 2M SF in the Bay Area, according to the SFBT.
TMG Partners, which is active throughout the Bay Area, has stepped into Oakland in recent years. The firm purchased its first Oakland office, 1330 Broadway, in 2015. TMG Partners sold that building in July at double what it had paid for the property.
The Breuner Building, built in 1931, was designed by architect Albert Roller for Breuner's Home Furnishings.
TMG Partners' upgrades to the building include the facade, the lobby and common area, amenity upgrades, a new roof and modernizing the HVAC, elevators and fire safety equipment.