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Bisnow Exclusive: WeWork Takes 65k SF in Midmarket

WASHINGTON DC 06.27.2017

THE WASHINGTON DC STATE OF THE MARKET

Matt Bronfman -- Jamestown Properties
Anthony Lanier -- EastBanc
Herb Miller -- Western Development

We've got the scoop on where the co-working giant is landing in S.F. next.

Bisnow's market sources tell us WeWork signed the 12-year lease for space at 995 Market. We were the first to tell you about the pending deal last month (we were also the first to report on its lease at 535 Mission last year). The company, co-founded by Adam Neumann, has been very active across the country as of late, including a giant 240k SF deal at 85 Broad St in NYC last month and a 40k SF lease in Santa Monica in December. The 95k SF Midmarket building was originally constructed in 1907, but owners Long Market Property Partners are working to reposition the property. In fact, principal Daniel Goldberg just sent us a rendering of the planned reno (below).

The deal is definitely a reason why you'll want to attend Bisnow's Future of MidMarket event March 13. Dan is a panelist but didn't respond to a request for comment regarding the lease. Jeff Moeller, Peter Conte and Zac Monsees of DTZ repped WeWork on the deal but had no comment at this time. NY-based WeWork has 28 locations worldwide, with plans to grow by 50% by year's end. It was recently reported to be worth around $6B.