Silicon Valley Wants To Sell You Co-Living Like It Sold You Co-Working
J Thoendell stashed this in Tech
WeWork was set to launch its communal living concept (branded as WeLive) in Crystal City last month but the latest internal estimates are late fall or the end of the year. The next WeLive property is a 27-story office building in lower Manhattan. That’s just the beginning. One commercial real estate insider told BuzzFeed News that in the past couple months, WeWork has also leased a “five-story plus penthouse” office building at 1161 Mission Street in San Francisco’s Mid-Market, a hub of tech company headquarters, for launching another WeLive. The 69,000-square-foot space is roughly three blocks from the Twitter, four blocks from Uber, six blocks from Pinterest, and a quick hop from the luxury high-rises and controversy that followed.
WeWork may be based in New York, but signing three long-term leases before launching is pure Silicon Valley chutzpah. (Another Silicon Valley quirk? WeWork never buys, only leases, and calls it being “asset-light.”) The Crystal City project will include 252 of these micro-apartments plus amenities like an arcade, an herb garden, a library, common areas done up in fashionable neutrals, and, of course, plenty of bike parking. The Manhattan property is located at 110 Wall St., a 27-story “dark, shiny modernist tower” that was badly damaged by Hurricane Sandy. WeWork has not confirmed the San Francisco deal, but the other two buildings will include its trademark shared offices, so members presumably can toggle between co-work and co-life at will.