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Property

WeWork to add three more Tokyo offices as expansion continues

Shared-office provider to add over 13,000 sq. meters, with more to come

Construction site of the Shimbashi Tamuracho Urban Redevelopment Project, where WeWork is reportedly planning to occupy 10 floors of a 27-story building.

Shared-office provider WeWork is set to open three more locations in central Tokyo this year, adding more than 13,000 sq. meters to its growing footprint in the capital, according to sources.

A WeWork spokesperson declined to comment on the matter.

WeWork will reportedly occupy the entire nine-story 1,914-sq.-meter Kanda-Tsukasamachi PREX building scheduled for completion at the end of January, with the opening likely sometime in March.

Located within easy walking distance to three subway stations, the building features a floor plate of 202 sq. meters and has been displaying WeWork signage.

The Japanese subsidiary of the embattled U.S.-based company will also open an 8,580-sq.-meter office in the Kanda Square building slated for completion in February.

In addition, sources said that WeWork will lease 3,460 sq. meters of the Takebashi PREX building in the same vicinity.

WeWork already has a presence in the centrally located Kanda area, having leased two floors covering 1,380 sq. meters of the Sumitomo Shoji Jinbocho Building in March 2019.

Other central-Tokyo WeWork locations are in the works for 2021 and beyond, including one in the Shimbashi area and another in Kayabacho.

The Shimbashi branch will be in the 27-story Shimbashi Tamuracho Urban Redevelopment Project slated for completion in March 2021. WeWork will occupy 10 floors in the yet-to-be-named building, covering about 7,900 sq. meters. The area is served by two subway stations just minutes away on foot.

The Kayabacho location is located in the 15-story Kabuto One building, scheduled for partial completion in June 2021. WeWork plans to occupy two floors totaling 3,800 sq. meters.

Directly connected to a main subway line, the building features 30,170 sq. meters of floor space and a floor plate of 1,900 sq. meters.

This report first appeared in Nikkei Real Estate Market Report on Dec. 26, 2019.

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