WeWork will lease two floors at Monday Properties’ San Mateo building
San Francisco, CA September 19, 2019 – Monday Properties, a national real estate investment firm, announced today that WeWork, the leading co-working space provider in the United States, will occupy 37,390 square feet at 1840 Gateway Drive, a Class A, 70,000 square foot office building located in San Mateo, California.
WeWork, headquartered in New York City, has pioneered the co-working and collaborative work environment through an intricate business model that creates and offers shared office spaces, communities, and other services for companies spanning small businesses, startups, and large-sized organizations.
Monday Properties, which acquired the building in late 2017, undertook a comprehensive renovation program of the property. The renovations have enhanced the overall tenant experience with top quality building amenities, including the addition of a best-in-class fitness center, elevator modernization, and EV car charging stations. Further, the outdoor space now includes significant landscaping upgrades to improve aesthetic and building visibility. The building is surrounded by ample surface parking and patio space extending from the newly renovated lobby. In addition to WeWork, other tenants in the building include Vlocity and Booster Fuels.
“When we acquired the asset, our vision was to reposition the building to attract tenancy that would benefit from a collaborative and efficient office environment. Not only have we invested in base building infrastructure projects, but we completely transformed the common areas and amenities base, which we believe are best-in-class for our tenants in the marketplace. Having taken the project from 80% vacant to 100% fully leased, Monday Properties has reached a significant milestone for this unique asset and we look forward to opening WeWork early next year,” said Tim Helmig, Managing Partner at Monday Properties
1840Gateway Drive is conveniently located in San Mateo’s Mariner’s Island district, at the apex of Highway 101 and State Route 92, connecting the area to the East Bay, San Francisco and Silicon Valley. The strategic central San Mateo County location offers excellent freeway accessibility, proximity to multiple retail amenities and is situated well to benefit from the continuing growth of the Bay Area Peninsula market.
The Team: Brendon Lydon acquired and manages the asset for Monday Properties. Mike Moran, Clarke Funkhouser, and Chase Novak of Cushman & Wakefield represented Monday Properties on the transaction. WeWork was represented by Jonathan Moeller, Anthony Gatti, and Evan Chang of CBRE.
About Monday Properties: Monday Properties is a dynamic real estate investment firm that operates each property within its portfolio. Founded in1998, the company is an owner, operator and developer of real estate with a primary focus on supplied constrained markets and value add real estate opportunities in growth markets. Since 2002, Monday Properties has completed over $13 billion in over 60 separate transactions, representing 28 million square feet. Monday Properties invests its own capital alongside its partners and investors, creating a clear alignment of interest and an incentive to realize value.