Tall & Urban News

Coworking Company to Open in Chicago Uptown Apartment Project

Chicago
Chicago
19 September 2022 | Chicago, United States

The Chicago developer turning Uptown's landmark Bridgeview Bank building into apartments has enlisted WeWork to operate co-working space on the property's lower floors, the shared-office giant's first location on Chicago's North Side.

In a rare deal by WeWork in a residential property, the New York-based company will run a 25,000-square-foot (2,322-square-meter) two-story co-working space in the grand hall of the 12-story building at 4753 N. Broadway, which is being transformed by Chicago-based developer Cedar Street into 176 apartments.

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WeWork is scheduled to open the space this fall, 2022 marking the first time it has partnered with a residential developer to offer co-working as an amenity to people who will live there.

The deal highlights the evolving role co-working providers are playing in commercial real estate with more people working remotely. Companies struggling to figure out their office needs in the wake of the COVID-19 pandemic have driven up demand for space offered by WeWork and its competitors, which can be leased by the month.

More office landlords are incorporating co-working into their buildings to help attract new users and offer a flexible office space perk to existing ones. Cedar Street and WeWork are betting co-working will add value to apartments, too.

For more on this story, go to Crain's Chicago Business.