WeWork’s Two WeLive Apartments Near Full Occupancy, With A Seattle Location On The Horizon

WeWork

WeWork’s two hybrid office and residential locations have piqued quite a bit of interest—both are more than 80% leased.

The dorm-like apartments—dubbed WeLive—come fully furnished with amenities like mailrooms that double as bars, roof decks and communal kitchens. Its DC location, roughly 80% leased, opened in May to much fanfare.

The living community offers unit sizes from studios to three-bedrooms and members can rent shared rooms for under $900/month. New York’s co-living location in lower Manhattan opened for beta-testing in January and is now 100% leased, someone close to the company said.

When the co-working giant—valued at $16B—sought funding in 2014, part of its pitch to investors was that it would open 14 WeLive locations by the end of 2016, the Wall Street Journal reports. The company is far from those projections, as its NY and DC shared-living locations will be the only two open at the close of 2016. Still, WeWork has a Seattle WeLive on the horizon for 2018, and executives remain optimistic that the Millennial-targeted concept is viable.

“WeLive remains an incredible opportunity for the company,” WeWork spokesman Dominic McMullan tells Bisnow. "We are continuing to perfect the product and we are excited about the future of this concept." [WSJ]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Blackstone Global Head Of Real Estate To Depart Firm

How Prologis Conquered The World

The Number Of Large-Scale Data Centers In U.S. Projected To Triple By 2030

Lawsuit Over Pandemic-Era Eviction Ban Expands To 2,600 Landlords As Feds Eye Settlement

Lululemon Cuts U.S. Expansion Plans, New CEO Takes Helm At Athleisure Staple

What It Takes To Turn A Century-Old Chicago Office Building Into Modern Rentals

On The Fence About A New Fence? Why Perimeter Security Should Be Data Center Priority

After 5 Years Of Gains, Commercial Real Estate's C-Suites Just Got Less Diverse

Summer Broke The Script. Here's What CRE Is Walking Back Into

'We Aren't Competitive': Power, Taxes Keep Colorado On The Data Center Sidelines

Blue Owl Reportedly Planning Data Center REIT

Center City Office Demand Starts Spilling From Trophy To Class-A Despite Debt Issues