NYC co-working company plans large presence in downtown Raleigh

Tenants, including a large shared workspace company announced Wednesday, are falling into place for the 10-story office tower over retail shops about to go up at the corner of Hillsborough Street and Glenwood Avenue, the developer says.

The project known as One Glenwood will include a 126-room hotel. Heritage Properties is finalizing a partnership agreement with the hotelier, said Ryan Blair, vice president for development and acquisitions.

WeWork, which provides co-working space, is the first tenant to be announced for One Glenwood. Blair said others would be announced soon.

Demolition has been completed at the site and vertical construction is about to begin, he said.

Plans call for 227,500 square feet of office space, lower-level retail, the hotel and a 733-space parking garage. Additional land on the site will be used as a parking lot initially, and later developed.

“We’re honored to have an innovative, forward-thinking company like WeWork choose One Glenwood,” Blair said in the announcement. “It validates the project and the intent behind our design to create a modern, amenity-rich, collaborative office building in one of the city’s most desirable neighborhoods.”

The area is sprouting mixed-use highrise projects as downtown Raleigh becomes increasingly urban, including residential development. Co-working spaces have become a key part of urban growth in Raleigh and across the country, typically attracting start-up businesses.

Scheduled to open in 2019, it will be WeWork’s first Raleigh location. The company, started in New York City in 2010, now has 130,000 participants at more than 160 locations, including Boston, Chicago, Dallas, Los Angeles and Miami, and in 16 countries. It is valued at more than $20 billion.

The company anticipates filling up about 81,000 square feet of shared space, private offices and rooms for events, dotted with quiet nooks, pantries and bars. It will accommodate more than 1,380 clients.

This story was originally published August 16, 2017 at 5:13 PM with the headline "NYC co-working company plans large presence in downtown Raleigh."