Whitell Building Turnaround Catches WeWork’s Eye

Concord Capital performed a major renovation and repositioning effort at the Whitell Building.

SAN FRANCISCO—Marking WeWork’s fifth San Francisco location and first on Union Square, Concord Capital Partners has signed the co-working firm to a long-term lease at the historic Whitell Building. Under the terms of the 10-year lease valued at more than $10 million, WeWork will bring its collaborative concept to five full floors totaling 12,000 square feet as it continues its expansion mode.

Concord acquired the 110-year-old 50,000-square-foot office tower at 166 Geary St. overlooking Union Square 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%.