WeWork's Bay Area Footprint Nears 1M SF With Newest Lease
WeWork leased its first site in San Mateo County, bringing its total Bay Area footprint to over 980K SF. The four-story, 96K SF office at 400 Concar Drive in San Mateo is owned by Hines. The developer's 305K SF complex near Hayward Park Caltrain is now fully leased, the San Francisco Business Times reports. The two-building, 207K SF office at 450 Concar Drive was previously leased to Medallia.
"WeWork members all over the Bay Area have been asking for a location in San Mateo,” WeWork General Manager, Northern California Elton Kwok said in a statement. “We're thrilled to finally be able to service the Mid-Peninsula area with our very first San Mateo location, and to meet the demand in this booming community."
The coworking company plans to add 1,650 desks and open in December. The company also recently announced new locations in Mountain View and Mill Valley. It will now have locations in seven Bay Area cities with 21 locations. Its Bay Area membership totals 14,544 members.
WeWork’s total membership is 235,000 globally. Enterprise members make up about 25% of WeWork’s total membership base and include GE, HSBC, Salesforce, Microsoft, Mastercard, Samsung, Spotify and Silicon Valley Bank.
WeWork also submitted a master plan to develop the 22-building, 30-acre Fort Scott site at The Presidio earlier this year. A recent letter from Presidio Trust staff did not recommend moving forward with WeWork’s plan, which would have included a school, WeLive and additional coworking space.
Instead, the recommendation was to move forward with three separate proposals: Kilroy Realty Corp. and OpenAI, an Elon Musk entity; Equity Community Builders and World Economic Forum; and California Clean Energy Fund, the EPIC Institute and Orton Development.
WeWork wouldn’t comment on the Presidio proposal while the request for proposals process is active and ongoing.
