WeWork, a company that offers workspaces for rent, recently claimed more space in California -- specifically San Francisco. In fact, it just signed its largest Golden City lease. These types of commercial leases are becoming increasingly popular throughout the state, including in Los Angeles.
The lease that WeWork recently signed is for a property that spans almost 250,000 square feet. The deal no doubt solidifies the business' presence as a major player in San Francisco's commercial real estate market. The company is planning to turn the building, which dates back to the 1960s, into an amenity-heavy and trendy-looking co-working space.
WeWork has escalated in popularity during the past year, now nearly doubling the amount of space it leased last year. It is therefore currently San Francisco's fourth-largest renter behind PG&E, Wells Fargo and Sales Force. The new building will expand WeWork's footprint by more than 30 percent. The business, which was a mere startup eight years ago, is now worth tens of billions and has over 200 locations across the globe.
Entrepreneurs and freelancers are becoming increasingly drawn to shared workspaces since they lack traditional offices. For this reason, now appears to be an ideal time to take advantage of commercial leases to offer these spaces to the increasing number of people who are venturing out to work for themselves. Of course, making a mistake when it is time to sign a lease can be financially devastating. Fortunately, an attorney in Los Angeles can review and negotiate a lease agreement for an aspiring tenant, to make sure that his or her best interests are protected before he or she signs on the dotted line.
Source: sfchronicle.com, "WeWork signs largest San Francisco lease yet for California Street tower", Trisha Thadani and J.K. Dineen, March 28, 2018