In 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.