WeWork Opens New Seattle Location
After a tumultous summer, WeWork continued its rapid Seattle expansion this week by opening its newest Puget Sound location in Belltown, its 16th in the area.
The two-story, 42K SF space at 2401 Elliott Ave. features a rooftop terrace that overlooks Elliott Bay. The office’s millwork features oak veneer and a custom piece of 3D art of an orca by the artist Boy Kong.
Two firms have moved their operations into the coworking space: Voyager’s Table and Livible Inc. Livible Inc. grew from an eight-person office to a 17-employee company into the WeWork space.
“The only thing I love more than the original art in this building and the abundant natural space is the sweeping view of Elliott Bay from our generous rooftop terrace,” WeWork Northwest General Manager Gina Phillips told Bisnow.
This is WeWork’s 16th Puget Sound location and it has announced plans to open six more.
After filing a registration statement to launch an IPO with the Securities and Exchange Commission on Aug. 14, WeWork faced mounting backlash from investors and analyst concerned about its business model and culture. It withdrew the initial public offering on Sept. 30.
The company’s co-CEOs, Artie Minson and Sebastian Gunningham, have since said they will now focus on growing its core business. The two said they plan to consider an IPO in the future.
Though WeWork was scrutinized in other markets, the Seattle commercial real estate community continued to support it through the proposed IPO process.
The coworking provider is Seattle’s fourth-largest office space occupier. The prospectus, which was full of ominous warnings about the company’s financial strength, rattled the commercial real estate community in other parts of the country, but Seattle shrugged off the threat.
University of Washington Foster School of Business senior lecturer Tracey Seslen told Bisnow at the time that the Seattle office market is strong enough to absorb any vacancy that WeWork would create.
Regardless of WeWork’s future solvency, the coworking market will continue to thrive, Deskpass co-founder and CEO Sam Rosen said.
"Seattle is at the forefront of the remote working trend, with Amazon and Microsoft among the largest companies offering remote-friendly jobs,” he said. “And while some people are happy to work at home, many prefer a more active, collegial environment.”
