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WeWork is the dominant coworking player in Boston, comprising 3.2 percent of tenancy across the 72 million-square-foot office market. Image courtesy of WeWork
WeWork’s troubled IPO isn’t slowing its expansion in Boston.
The co-working giant is leasing approximately 87,000 square feet at 200 Berkeley St. in Back Bay, with plans to occupy six floors in the 26-story office tower known as the Berkeley Building.
The lease with landlord Manulife runs for over 16 years for space on the 19th through 24th floors, according to a Suffolk County Registry of Deeds filing.
The latest deal comes following WeWork’s lease of 117,000 square feet at 100 Summer St. in the Financial District.
Co-working providers occupy 3.8 million square feet of office space in Boston, Cambridge and Somerville, according to recent research by brokerage Avison Young. The latest WeWork deal expands its local footprint to approximately 1.6 million square feet.
WeWork also has been scouting class B office space in Boston for its HQ by WeWork model, which rents entire floors up to 6,000 square feet for dedicated use by startups.
The company lost $1.6 billion in 2018 on revenues of $1.8 billion, but had hoped to raise $3.5 billion through a pending IPO. The stock offering would enable it to access a new $6 billion line of credit, Bloomberg reported.
But amid skepticism about the IPO’s prospects, the company announced Friday it would reduce co-founder Adam Neumann’s voting power and bar his family members from board membership.
