WeWork on Tuesday introduced a new program to the Puget Sound region, Headquarters by WeWork, which caters to medium-sized businesses.
The region’s first WeWork Headquarters will occupy 14,500 square feet on floor six Bellevue’s Summit II building at 10885 N.E. Fourth St., where WeWork has leased five floors. The Headquarters space will open this winter, the company said.
WeWork launched Headquarters last August in New York and San Francisco. The company describes it as “a bespoke” offering, that’s “a fully private, personalized and flexible workspace.”
Headquarters follows the WeWork model of flexible lease terms. Once the WeWork member company chooses its space, WeWork builds it out on a custom basis. To keep costs down, Headquarters doesn’t have the extras, like a We Work community manager found in regular WeWorks, but still comes with tech and security infrastructure.
This is the latest way WeWork is disrupting the traditional office market. In the Puget Sound region, the coworking juggernaut has grown to occupy nearly 1.4 million square feet, with Amazon taking around a third of this space. Next door to Summit II is the campus’ third building, most of which Amazon has leased.
WeWork had leased but not yet moved into 1.7 million square feet. WeWork Northwest General Manager Gina Phillips said a year ago that she was eying 2 million square feet in the region.
Since the launch of Headquarters, WeWork said there has been strong demand. Initial spaces in New York and San Francisco were 100 percent occupied at their openings. This has led companies to sign longer deal terms and companies staying with WeWork as they grow, the company said.
The new concept has allowed WeWork to broaden how it expands. Historically, the company considered floor plans of at least 60,000 square feet, but for Headquarters floor plans can start at 10,000 square feet, the company said.
Arash Gohari, co-head of Real Estate for WeWork in North America and Israel, leads the team that secures Headquarters by WeWork locations.
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