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WeWork Leases Space for Second Location in Atlanta's Tony Buckhead District

Landlord Cousins Properties Says Co-Working Company Took 48,000 SF for 14 Years
December 29, 2017
WeWork, the most talked-about co-working company in the U.S., is expanding its presence in Buckhead, the financial heart of Atlanta.

The New York-based company signed a 14-year lease for 48,000 square feet, or two floors, at Terminus 100, a 5-Star office tower at Peachtree and Piedmont roads, landlord Cousins Properties (NYSE: CUZ) said in a press release this week.

"We are proud of our growth in Atlanta and excited to officially announce our partnership with Cousins Properties for a fourth location here and second in Buckhead with WeWork Terminus 100," said Bobby Condon, WeWork's general manager of the Southeast. "Atlanta is home to a thriving, diverse community ranging from entrepreneurs to Fortune 500 companies. WeWork helps provide these creators with a global network of more than 175,000 members in addition to beautiful workspaces and resources necessary for growth. WeWork Terminus 100 reflects our commitment to the Buckhead community, one of the country's largest urban mixed-use development areas, as well as supporting its creators that seek a new way to work."

Talk of a second Buckhead location emerged several months ago, and last month local tech reporter Urvaksh Karkaria reported that Terminus looked to be the spot. Just last week, Bates Mechanical filed for two permits with the city of Atlanta to add drinking fountains, hotel water heaters and service sinks to the sixth and seventh floors for WeWork.

WeWork leases big blocks of space and then creates ready-to-occupy offices, complete with desks and chairs - but no phones unless the tenant orders and pays for them. The monthly fees include some conference room time, and tenants can buy additional slots for meeting rooms. Tenants typically pay for a number of copies per month and can acquire other services on as-needed basis. The landlord also provides drinks, and on occasion food, as well as education seminars where entrepreneurs can share their successes, failures and lessons learned with their co-working neighbors.

In theory, companies working side-by-side at WeWork will lead to relationships and collaboration between the firms.

WeWork's new Buckhead location is a five-minute walk from its location in Tower Place. In fact, Terminus and Tower Place both can be accessed from the same road off Piedmont Rd.

Cousins Properties developed the 27-story, 655,000-square-foot Terminus 100 building in 2007. The REIT later added a second office tower, Terminus 200, and 10 Terminus Place, a condo tower, to the mixed-use development. Terminus 100 has seen an uptick in vacancy to 21.5% before the WeWork deal, according to CoStar Research.

WeWork leased the sixth and seventh floors at Terminus 100. The asking rent for the space is $28 per square foot per year, on a triple-net basis.

Cushman & Wakefield represented WeWork in the lease negotiations with Cousins.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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