WeWork will be the anchor tenant of a $300 million redevelopment owned by Boston Properties in the Brooklyn Naval Yard. WeWork expects to have similar offices in Boston Properties buildings in San Francisco and Boston. Adam Neumann, an Israeli-born former naval officer, and founder of WeWork, ran into Boston Properties chief Mort Zuckerman in an elevator. As Forbes reports, Zuckerman admits he thought to himself, “Surprise, surprise. Another upstart wants in on the office rental game.”
If Neumann was an upstart, he certainly took off fast, with WeWork rapidly increasing its reach since it was founded 4 years ago. Zuckerman made a deal with WeWork, and said, “Adam understood in a very serious way that we are in a new culture. I found it extraordinarily creative and original after being in business for God knows how many years.”
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WeWork reflects the new culture of offices for startups with a casual atmosphere and shared spaces. In the coming year, WeWork expects to triple its membership from 14, 000 to 46, 000. This year it expects to gross $150 million with operating margins of 30%.