WeWork’s former floors at Hines’ 205 Hudson St. will survive as co-working space, but under a different business model and with some redesigned sections.
Hines, which owns the boutique office tower in a joint venture with Trinity Church Wall Street and Norges Bank Investment Management, converted WeWork’s 63,000 square feet into the first New York location of The Square, a landlord-managed flexible workspace facility.
Hines will make direct licensing agreements — contracts that are similar to leases — with users for as little as a few hours or as long as several months. In contrast, WeWork leased blocks of space and subleased them to clients.
Other outposts of The Square are in Washington, DC, Houston, Salt Lake City and Mexico City.
Annie Draper, Hines’ director of workplace services, said, “It’s clear there is a universal shift towards greater flexibility, and Hines is leading the way in redefining the office model and creating new products that cater to our clients’ needs.
“The Square is a vertically integrated flexible workspace that combines the highest-quality amenities and services. As demand for a diverse array of workspace options has become increasingly essential, we’re thrilled to bring this offering to New York City.”
The Square can accommodate up to 700 people. It offers large “enterprise” suites, private offices and on-demand short-term facilities. All users have access to the building’s food and beverage offerings and common spaces, including a rooftop lounge.
Office tenants in the building include CUNY, Headway and Serhant.
The 12-story, 200,000 square-foot building is part of Hines’ 13-building Hudson Square portfolio with six million square feet.
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