WeWork continues growth with lease at 101 North in downtown Phoenix
Coworking leader to lease four full floors in central business district
PHOENIX, March 27, 2019 – The Phoenix office of JLL has completed a lease at 101 North that will establish the first downtown Phoenix location for WeWork, an New York-based company providing shared workspaces for technology startup subculture communities and services for entrepreneurs, freelancers, startups, small businesses and large enterprises.
WeWork will lease four full floors, with the option to take additional floors, at 101 North, a Class A office tower owned and managed by ScanlanKemperBard (SKB). It becomes WeWork’s third Valley location, joining recently announced leases for the company at Camelback Esplanade in Phoenix’s Camelback Corridor and Tempe Watermark in downtown Tempe.
JLL Executive Vice President Ryan Bartos, Managing Director Andrew Medley and Associate Kyle Seeger represented WeWork in the lease negotiations. JLL Managing Director John Bonnell, Executive Vice President Brett Abramson and Senior Vice President Chris Latvaaho represented SKB as the exclusive leasing brokers for 101 North.
The 101 North building is located at 101 N. First Ave. in downtown Phoenix’s Copper Square, at the southeast corner of First Avenue and Monroe Street. It sits adjacent to two Phoenix Metro Light Rail stops and is minutes from Interstate 10, Interstate 17, Piestewa Freeway and Sky Harbor International Airport.
As Arizona’s second tallest building, 101 North totals 359,256 square feet and 31 stories of Energy Star space, with a six-level covered parking garage and sweeping views of the city and surrounding mountains. A major 2017 renovation added a shared conference room for tenant use and a modern, upgraded lobby with multiple restaurant concepts including Friends, The Monroe, Mole, Bosa Donuts and Spoonz Café.
Opening for the new WeWork location is slated for fall 2019. The company will occupy space on the building’s 8th, 28th, 29th and 31st floors, with the option to expand to additional floors.
“WeWork loved the ground floor amenity base and signage opportunities at 101 North,” said Bartos. “Thanks to recent renovations, the building also allows WeWork a quick speed to market – driven by the constantly increasing demand for coworking space – and as an added bonus has an 8th floor deck that will allow for a centralized indoor-outdoor amenity deck for WeWork members that is unlike any other in the downtown market.”
Additional amenities at 101 North include fiber connectivity, on-site concierge and property management. It is also within walking distance of the Phoenix Convention Center, Symphony Hall, Chase Field, Talking Stick Resort Arena and Comercia Theatre, and less than four miles from Phoenix Sky Harbor International Airport. Collectively, this gives the property a 96 percent walkability score.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
WeWork provides more than 400,000 members around the world with space, community, and services through both physical and virtual offerings. From startups and freelancers to small businesses and Fortune 500 companies, our community is united by a desire for our members to create meaningful work and lead meaningful lives—to be a part of something greater than ourselves. Co-founded by Adam Neumann and Miguel McKelvey in New York City in 2010, WeWork is a privately held company with over 9,000 employees. Follow us @WeWork on Twitter, Instagram, and Facebook or visit wework.com to learn more.