WeWork, the fast-growing operator of shared workspaces with more than 70,000 members worldwide, is expanding its footprint in the Seattle area in a big way.
The New York-based company today confirmed longstanding rumors that it is taking 80,000 square feet of space in downtown Bellevue’s Lincoln Square project, with a plan to open the space at 400 Bellevue Way NE early next year.
“In the newest premier tower downtown, you’ll find unparalleled Bellevue office space at WeWork Lincoln Square,” reads marketing material on WeWork’s Web site. “Enter through the contemporary, upscale lobby with fireplace, and discover our coworking space where high ceilings, natural finishes, outdoor terraces, and stunning mountain and lake views provide a refreshing work environment. With global gaming giant Valve in the building, Amazon right next door, and Microsoft in the neighborhood, your business is in good company.”
The opening of WeWork in Bellevue follows confirmation last month that the company was establishing its WeLive communal living concept in downtown Seattle. As part of that project, WeWork said it will occupy 200,000 square feet of office space in Martin Selig’s 36-story Third & Lenora tower, with 384 apartments above designated as WeLive units.
A spokeswoman for WeWork said the new Bellevue location will not include a WeLive component, but the company is excited to tap into Bellevue’s fast growing economy, which in recent months has attracted some high-profile tenants such as Salesforce.com. Earlier this week, GeekWire reported on Amazon.com’s expansion in downtown Bellevue, which consists of all 354,000 square feet of office space at Schnitzer West’s Centre 425 project.
WeWork and Amazon’s expansion in Bellevue will help cushion the loss as Expedia leaves its longtime Bellevue location for Seattle in 2019.
It also marks another major bet by WeWork in the region, which first arrived in 2014.
The company, with more than 100 buildings in 30 cities across the globe, now has three locations in Seattle, with plans for a fourth in Seattle’s Ballard neighborhood. Its arrival in the Seattle area — along with Amazon’s continued expansion and the boom in engineering centers from companies such as Apple, Facebook and Oculus— has added plenty of fuel to Seattle’s red-hot commercial office space market.
“We are proud of our growth in Seattle. Since arriving in 2014 we have been constantly inspired by the work our members do in fields ranging from virtual reality and biotech to microloans and education,” said Gina Phillips, WeWork lead for the Pacific Northwest. “There is incredible momentum in Bellevue, and new global opportunity in education, innovation and business. Four-hundred Lincoln Square is an ideal location for current WeWork members eager to have workspaces on both sides of the water, and for companies of all sizes who are seeking a new way to work.”
WeWork reportedly raised somewhere between $430 million and $750 million earlier this year at a valuation that Fortune pegged at around $16 billion.
Small companies, entrepreneurs and others rent space at WeWork’s temporary office space at prices in Seattle that range from $350 per month for a “hot desk” to $550 per month for a private office.