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WeWork to more than double Detroit footprint with new TechTown space

Co-working space giant WeWork LLC expects to double its Detroit footprint by opening its largest location to date, in the TechTown area of Midtown.

The New York City-based company, whose parent is We Co., has signed a lease for more than 91,000 square feet at 6001 Cass Ave. at York Street, Dan Austin, a spokesman for Detroit-based developer and landlord The Platform LLC said Wednesday evening.

That adds to the more than 85,000 square feet WeWork has spread across 11 floors in a pair of Dan Gilbert-owned buildings downtown: 1001 Woodward Ave. (four floors) and 1449 Woodward Ave. (seven floors).

It’s not known precisely when WeWork will have space available for users on Cass, but it will take part of the first floor, along with all of the second through fifth floors, Austin said. Tata Technologies, the Novi-based division of Tata Group, is leasing the sixth floor for its new headquarters that’s expected to open this fall. The building, which is about 130,000 square feet, is also slated to house a Wayne State University art gallery.

Constructed in 1927 as the Cadillac LaSalle sales and service building, the building is expected to house more than 150 Tata Technologies workers following their move from their current location at 41050 11 Mile Road east of Meadowbrook Road.

Prices haven’t yet been set for WeWork space at 6001 Cass, according to the WeWork website.

Space at 1001 Woodward starts at $300 a month for a desk in a common area, $380 a month for a dedicated desk and $580 per month for a private office. At 1449 Woodward, desks in common areas start at $300 per month, while dedicated desks start at $440 per month and private offices start at $590 per month.

Leor Reef, a local spokesman for WeWork, said Wednesday evening that he was unable to disclose additional information about the Cass Avenue spot.

WeWork has been pushing forward on an IPO although there have been concerns about the company as it continues to lose money. Its valuation has wildly fluctuated, Bloomberg reported Wednesday morning: Some as high as $65 billion and perhaps as low as $15 billion.

Founded more than a decade ago, it has never turned a profit.

 

Posted By: Crain’s Detroit Business on September 11, 2019.  For more information, please click here to read the source article.

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