Thursday, December 01, 2016

Shared Office Provider Takes Big Chunk of Downtown's Thanksgiving Tower

New York-based collaborative office firm WeWork is upping its bet on the Dallas market with a large downtown office lease.
WeWork has rented three floors in the 50-story Thanksgiving Tower on Elm Street for its second location in Big D.
This summer, the shared office firm rented a smaller space in a new Uptown building for its first North Texas location.
WeWork has facilities in more than a dozen major U.S. markets.
The firm will rent about 84,000 square feet in Thanksgiving Tower, which is getting a $37 million makeover.
"WeWork provides a redefined model of office space geared toward creative and collaborative individuals and business of all shapes and sizes," said Jonas Woods of Woods Capital, one of the owners of Thanksgiving Tower. "They fit perfectly in the new, modern Thanksgiving Tower and our completely redefined downtown."
With WeWork's lease, the skyscraper is about 60 percent leased, Woods said.
WeWork is one of several collaborative office companies that are expanding their footprint in North Texas with multiple locations.
The firms provide office space for start up companies, creative firms and other businesses that utilize the flexible workspace. The shared office facilities provide everything from single workstations to private offices and team rooms.
WeWork officials would not comment on the new Dallas office, even though the building owner has disclosed the transaction.  "While we are always looking for new communities, we have no further locations to announce at this time," a spokeswoman with the firm said.
Longtime executive suite firm Regus Group just opened a large shared office center on McKinney Avenue in Uptown.
Another New York firm - Serendipity Labs Co-Working - has announced plans for multiple Dallas-Fort Worth operations.
Dallas-based co-working firm Common Desk is also adding locations.
The almost 1.5 million-square-foot Thanksgiving Tower is currently getting its first major renovation since the building was constructed in the 1980s. Upgrades include new retail and outdoor dining areas.
Woods Capital owns Thanksgiving Tower in partnership with New York-based Third Point Opportunities Master Fund.
Written by Steve Brown - Dallas Morning News