WeWork is setting up shop in five full floors totaling 12,000 square feet in a long-term lease valued at more than $10 million in the 110-year-old 50,000-square-foot office tower in Union Square.

“Activity at these buildings demonstrates our belief that with a focus on capital improvements and aggressive marketing, tremendous value can be created,” says Joe Sergi of Clear Height Properties.

The company states with those two lease deals on the books, the firm's approximately 11.2 million square-foot California industrial footprint has grown to 93.5% leased.

The city is working with Sea Oats Group to flesh out plans for the project which call for the hotel-conference center to be part of a new subdivision Cinnamon Shore recently began developing on State Highway 361.