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

Photo credit: 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

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Wall Street Impatient For Big Tech Returns On Data Center Spending

As AI Adoption Ramps Up, Half A Million Property Managers Are In The Crosshairs

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Churchill Downs Plans To Sell 9 Casinos, Focus On Horse Racing

Bringing Stability And Savings To CRE Insurance Through Working Layer

More Hotel Owners In Need Of Cash Are Getting It From The Big Brands

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme