WeWork's new space proves aughts-era coworking is dead

"WeWork is growing up, and its newest location in downtown Manhattan is the most visible proof yet: 250 Broadway, which opened in January, is WeWork's first outpost in the city since 2019-the year WeWork abandoned its initial public offering and ousted cofounder Adam Neumann as CEO. The space adds 60,000 square feet to the company's New York portfolio, which already exceeds 3 million square feet."

"Except this isn't WeWork as you might remember it: There are no neon signs, no beer o'clock, and no ping-pong tables. Instead, the walls are hung with paintings sourced through ArtLifting, an art consultancy that works with artists living with homelessness or disabilities. The bar is stocked with kombucha and espresso machines."

"WeWork's story is by now a familiar parable of Silicon Valley excess. Founded in 2010 by Neumann and Miguel McKelvey, the company spent a decade expanding on billions from SoftBank's Vision Fund-a Saudi-backed mega-fund that poured tens of billions into high-growth tech startups like WeWork-along with a cultish faith in Neumann's vision of community as business model."

WeWork has undergone a significant transformation from its early days as a lifestyle-focused coworking brand to a more functional, professional operation. The company's new 250 Broadway location in Manhattan, opened in January after a four-year absence from the city, exemplifies this shift. The space features professional amenities like curated artwork from ArtLifting, kombucha and espresso bars, and clear wayfinding signage instead of the neon signs, beer taps, and ping-pong tables that characterized earlier locations. The 60,000-square-foot space is 94% occupied across five floors, demonstrating market demand. This evolution follows WeWork's dramatic fall from grace, including a failed 2019 IPO, leadership changes, and a 2023 bankruptcy filing, after which the company reemerged with a more sustainable, business-focused model.

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