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WeWork signs first Union Square lease inside Whitell Building

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A 10-year lease valued at more than $10 million

Photo courtesy of Concord Capital Partners

Sandwiched between a Chanel boutique and a recently shuttered Lacoste store, WeWork signed a new long-term lease for five floors inside the historic Whitell Building, a 50,000-square office tower at 166 Geary Street next to Union Square.

While WeWork can be found in 12 buildings in San Francisco, the work space rental company’s latest lease could help jumpstart the struggling neighborhood.

Long known as the crown jewel retail epicenter of the city, Union Square has, as of late, had trouble attracting both retail business and tourists.

Following a renovation and rebranding to “attract entrepreneurial tenants,” Los Angeles-based real estate investment firm Concord Capital Partners has bumped up the circa-1907 Whitell Building’s occupancy to more than 95 percent.

(Among architecture geeks, the building is known for its birdcage elevators.)

“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 square feet,” said a Concord Capital Partners spokesperson in a statement.

This latest lease signing from WeWork could also spell hope for future tenants of the old Union Square Macy’s Mens Store, which the retail giant sold recently for a whopping $250 million.

Continuing its dominance in the rental workplace, WeWork signed a lease inside the Mid-Market headquarters building of Square and Uber, a 67,000-square-feet chunk of space inside the former bank vault at 1455 Market, according to the San Francisco Chronicle.

In addition to offering work locales for companies large and small, WeWork’s west coast headquarters can be found inside Salesforce Tower, San Francisco’s tallest high-rise. The company tapped noted menswear designer Adam Kimmel to design the office. He’s also WeWork’s new chief creative officer.