WeWork has executed a lease to open in New City’s newly-developed 725 Ponce Kroger-anchored office tower.
The co-working office space provider will occupy 45,000 square feet across two floors in the Ponce City Market and Beltline-adjacent mixed-use, at 725 Ponce De Leon Ave NE.
WeWork in 725 Ponce is slated to open late-2019.
“Early on after meeting with Jim Irwin and the New City team, we felt the passion to solidify East Midtown as an extension of the core midtown submarket.,” Bobby Condon, WeWork General Manager for the Southeast, said in a press release earlier this week.
“By continuing to expand in the region, WeWork is able to provide everyone from sole proprietors to Fortune 500 companies with the culture, flexible space and global network to help them attract and retain talent. With walkable amenities like the BeltLine’s Eastside Trail, Ponce City Market, Historic Fourth Ward Park and more just steps away, WeWork members at 725 Ponce will have access to the ultimate live-work-play environment.”
725 Ponce, which sits on land where “Murder Kroger” once stood, will combine 370,000 square feet of new Class-A loft office space above a new urban prototype Kroger, all of which is scheduled to open in the fall of 2019.
Decatur and Sandy Springs are also both getting new locations of the co-working giant.
WeWork has leased 35,000 square feet of office space in downtown Decatur, at 120 W. Trinity Place.
The building is being constructed on a 4.7-acre site once owned by DeKalb County but acquired by the Decatur Downtown Development Authority (DDA) in 2013 with hopes of redeveloping the location.
Atlanta-based developer Cousins Properties purchased the property from the DDA in 2016 and began construction on a mixed-use development that will offer 329 housing units, 18,000 square feet of retail and restaurant space, a parking deck and the four-story building.
Construction is underway and expected to be completed in the first half of 2020.
In Sandy Springs, WeWork will occupy 70,000 square feet across three floors, at 1155 Perimeter Center West.
The location is slated to open in early 2020.
WeWork by the end of the year will have at least 10 Atlanta locations—Coda, Colony Square, Terminus—and 12 including the forthcoming Decatur and Sandy Springs outposts.
4 Responses
So I wonder if New City is getting/taking tax breaks, and if the design is staying the same…
Seems like a terrible business decision to lease that much space given that their employee pool is going to demand remote work opportunities.
It’s 2 years out, and I’ll give odds this pandemic is long gone by then. As far as remote work….if someone wants to climb the corporate ladder, they had better work where they can collaborate and develop relationships beyond what your can do on a Zoom call.
This may be the defining conflict for many companies: the people at the top of the corporate ladder now know they can conduct business without the massive overhead of Class A office space. How many of those people give a shit about the next generation having office space so they can advance their careers? Especially if the Millennials aren’t even smart enough to demand the benefits of being in the same building with the higher-ups?