Los Angeles (March 26, 2018) — Concord Capital Partners has signed WeWork to a long-term lease for five full floors at the historic Whitell Building, a 50,000-square office tower at 166 Geary Street overlooking Union Square in Downtown San Francisco.
Under the terms of the 10-year lease valued at more than $10 million, WeWork will bring its collaborative co-working concept to five full floors totaling 12,000 SF. This is WeWork’s fifth San Francisco location and first on Union Square.
Concord acquired the 110-year-old building in November 2015 for $60 million. Following a major renovation and repositioning to attract entrepreneurial tenants looking for a Union Square location, the Los Angeles-based real estate investment firm has increased occupancy to more than 95%.
Completed in 1907, the 16-story steel framed building was one of the few structures to withstand the 1906 earthquake. The building still stands as one of the tallest on Union Square and is situated directly across from the entrance to Neiman Marcus at one of the busiest pedestrian intersections in San Francisco.
Concord’s Yoav Sarraf represented the firm on the lease transaction. Wework was represented by Ray Fallack of Seven Equity Group.About Concord Capital Partners
Concord Capital Partners (http://www.concord-re.com) is a real estate investment and development firm founded by Reuben Robin. Since 2006, CCP has acquired more than $1 Billion in real estate representing more than 500,000 square feet of commercial space and more than 3,500 residential and student housing units throughout the United States. CCP draws on decades of combined experience to identify and acquire unique investments and ground up development opportunities that maximize returns.