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June 18, 2015

Co-working firm WeWork headed for the Piazza

New York-based company signs 30,000 square foot lease at Northern Liberties property

The Piazza
061815_piazza Payton Chung/Creative Commons

The Piazza at Schmidt's

The trend toward collaborative co-working spaces continues to expand with the rise of small firms, tech startups, and sole proprietorships that thrive in more communal office settings. Philadelphia has been no exception to this development, with 17 co-working spaces either open or under construction by the end of the first quarter of 2015.

According to the Philadelphia Business Journal, New York-based WeWork is on its way to the Piazza in Northern Liberties after signing a 30,000 square foot lease at 1010 Hancock Street. It will be the first expansion to Philadelphia for the company, which has rapidly grown to 42 spaces in 15 cities since it was founded in 2010.

“WeWork is an amazing company that offers lifestyle, aesthetic and community,” said Jared Kushner, whose Kushner Cos. partnered with Oaktree Capital to purchase the Piazza from Bart Blatstein two years ago. “The fact that they chose Northern Liberties shows they understand who their customer is, are in a location where they can have the right draw and population."

With the Piazza already a mixed-use community, Kushner believes WeWork will enhance the experience of those who live in the apartments while opening up new office opportunities for companies who want to set up in Northern Liberties.

It isn't yet clear when the space will be fully operational, but the announcement comes as co-working spaces appear on track to be an integral part of the projected tech corridor planned for East Market Street. That development will receive $4 million from the city and $10 million from the state, in addition to $25 million from a group of real estate developers including SSH Real Estate.