WeWork Signs Leases for 3 New Offices in Atlanta, Supports $970M of City GDP
As coworking gains popularity in our real estate town, it seems WeWork is about to take the lead in the number of coworking offices in Atlanta.
On Tuesday, the company announced plans for three new offices in the metro area: Decatur, Poncey-Highland and Sandy Springs. Combined, the new leases amount to more than 140,000 square feet, bringing WeWork’s total footprint in the city to more than 800,000 square feet.
To date, the company has opened five offices, and seven other locations are under construction or opening soon. The company states it has contributed $970 million of the city’s GDP.
“WeWork has been steadily expanding its footprint in metro Atlanta since 2016,” WeWork Southeast General Manager Bobby Condon said in a statement.
In downtown Decatur, WeWork has agreed to lease 35,000 square feet at 120 W. Trinity Place. The workspace will be able to accommodate more than 540 members. The building is being constructed on a 4.7-acre property owned by Atlanta-based developer Cousins Properties. The office will be surrounded by a mixed-use development that will include 329 apartments, 18,000 square feet of shops and restaurants, a parking deck and a four story building. Construction is expected to be complete by the first half of 2020.
“WeWork 120 W. Trinity Place will be centrally located in downtown Decatur where our members can take advantage of walkability, public transit and excellent quality of life in the ultimate live-work-play environment,” Condon said.
In Sandy Springs, WeWork has leased its first OTP (outside the perimeter) office, a sign that the coworking giant might be thinking about expanding to other suburban neighborhoods in the metro. The Sandy Springs location, at 1155 Perimeter Center West, will occupy more than 70,000 square feet across three floors of the building, providing space for more than 1,200 members. WeWork plans to open the office in early 2020.
WeWork and New City, a commercial real estate development firm, announced plans for a 45,000-square-foot office in the new 725 Ponce building next to Ponce City Market. The new office, which will open by the end of the year, will include two floors of office space in the building with access to the Atlanta BeltLine. 725 Ponce will include 370,000 square feet of loft office space on top of a new urban prototype Kroger, set to open this fall.
“With walkable amenities like the BeltLine’s Eastside Trail, Ponce City Market, Historic Fourth Ward Park and more just steps away, WeWork members at 725 Ponce will have access to the ultimate live-work-play environment,” Condon said in a statement.
In addition to these three locations, WeWork is opening these offices shortly: a downtown location at 101 Marietta St. NW; a Midtown location at 881 Peachtree St. NE; The Boundary in Midtown at 1389 Peachtree St. NW; and The Interlock in Home Park at 1115 Howell Mill Rd. NW.
According to a study published by WeWork earlier this year, there are more than 5,000 members in Atlanta. A majority of WeWork members are in the innovation economy. About 43 percent of all senior roles at WeWork member companies in Atlanta are held by women, compared to 21 percent of those roles held by women in North America.
It also appears the coworking offices are bringing members to new parts of the city; 67 percent of members in Atlanta did not work in the neighborhood prior to joining WeWork.