WeWork One Step Closer to Opening Journal Square Outpost

0

wework-coming-to-journal-squareIn another major win for Jersey City, the New Jersey Economic Development Authority approved a $59 million Grow New Jersey award to WeWork Companies, a major player in the co-working space valued at $5 billion.


The award is for a WeWork outpost in the recently approved One Journal Square project. In partnership with Kushner Companies and the KABR Group, WeWork will lease and operate a 101,000 square foot co-working facility in the $400 million development.

This is significant, not only for Journal Square, but for Jersey City as a whole. WeWork is one of the hottest co-working companies among the tech and startup crowd. Their locations regularly attract top tech talent along with the tech money that comes with it. This will be a major step forward in tying Jersey City to the ever expanding Silicon Alley.

With rents skyrocketing in Manhattan and Brooklyn, this opens up a major opportunity to incentivize these tech companies, along with their high paying jobs, to Jersey City.

The Economic Development Authority estimates the co-working space will bring 723 new full-time jobs to Journal Square when the project is completed in 2018.


 

--

Have something to add to this story? Email [email protected].

Click here to sign up for Jersey Digs' free emails and news alerts. Stay up-to-date by following Jersey Digs on Twitter and Instagram, and liking us on Facebook.

No posts to display