WeWork, after having sought more than 80 leases and contract locations to reject as a part of Chapter 11 bankruptcy proceedings, has identified a second location it wants to keep.
The flexible workplace provider said in a court filing Monday it wants to assume the unexpired lease located at The Wilson located at 7272 Wisconsin Ave. in Bethesda, Maryland. The New York company’s lease spans more than 60,067 square feet across three floors in a lease signed in 2019 before the property was completed in 2021, according to CoStar data.
A WeWork spokesperson, declining to specify the terms, said WeWork will now be just operating two floors after opening the building in May 2022. The location, WeWork’s first in Bethesda, primarily targets small businesses and individuals, the spokesperson told CoStar News in an emailed statement.
The greater Washington, D.C., Maryland and Virginia “region continues to be an important market for WeWork,” the spokesperson said.
The Wilson is a 348,000-square-foot development in the heart of Bethesda, according to landlord Carr Properties’ website. Carr said the development features what’s billed as the “highest-quality” construction in Bethesda, including glass curtainwall facades, and 25,000 square feet of public and private green spaces.
Amenities include a covered vehicle drop-off, gym, rooftop terrace, and conference facility. The property also features parking for 750 cars, public storage for 650 bicycles, and a transit plaza and entrance for the Maryland Purple Line light rail and Washington Metropolitan Area Transit Authority Red Line. Building tenants include the popular Tatte Bakery & Cafe as ground-floor retail tenant.
Fox 5/WTTG-DC and commercial real estate finance firm Walker & Dunlop count among the building’s office tenants, CoStar data shows.
WeWork, in its first lease assumption since filing for Chapter 11, said it’s keeping an unexpired lease at 1440 Broadway in New York after reaching a deal to shorten the term and cut rent. In contrast to the Maryland location, Amazon is the biggest occupier of WeWork’s space at the Manhattan building after the e-commerce giant told CoStar News in August it renewed nearly 210,000 square feet.