Colliers International to lead leasing efforts for Phoenix portfolio
National innovator in serviced office to enter market with three locations
Phoenix, April 23, 2019 – WeWork, the New York-based innovator in agile workspaces, is entering the Greater Phoenix marketplace with three premier locations. The spaces will be located in Camelback Esplanade at 24th Street and Camelback Road, and at 101 N. 1st Avenue, as well as in Tempe at the prestigious Watermark development, with additional locations planned. Colliers International Group Inc., the fastest-growing publicly-listed global real estate services and investment management company, announced today that it had been appointed to lead leasing efforts for WeWork for their Phoenix portfolio.
WeWork was formed in 2010 with the goal of building more than a great shared office space. Cofounders Adam Neumann and Miguel McKelvey envisioned a comprehensive solution that can be used by companies of all stages and sizes. Today, 30 percent of Fortune 500 companies utilize WeWork for its design, operational and geographic expertise. WeWork’s footprint continues to grow from its current 425 locations in 100 different cities at a rate of +2 million square feet per month.
While member companies focus on their core business, WeWork delivers expertly designed space and services that scale with the demands of modern enterprises. Globally, WeWork serves several thousand members in full floor or full building transactions. In Phoenix, WeWork is building out its locations with single-member occupancies in mind. WeWork expects several floors to be secured exclusively by single companies.
“The sophistication of the Phoenix office market has elevated significantly during this recent real estate cycle,” said Ryan Timpani, executive vice president with Colliers International in Arizona. “We have become a hub for start-ups and expanding companies in the technology and professional sectors. The WeWork brand and lifestyle brings a flexible and contemporary opportunity to Greater Phoenix for end users of space that is sure to be eagerly welcomed by businesses in every industry.”
Timpani, Todd Noel, senior executive vice president, Kyle Campbell, associate vice president, and Nick Bialkowski, associate, will serve as exclusive membership agents for the WeWork locations in Greater Phoenix. The first WeWork location scheduled to open will be at Camelback Esplanade at 2425 E. Camelback Road. The company has leased over 46,000 square feet and will offer 919 desks at the building. WeWork plans to open this location in August 2019.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
Colliers International in Arizona has served clients locally and globally for more than 35 years.