|

資訊

    首頁   >     行業    >     正文

    A tour of Dock 72 weeks before WeWork's valuation came under fire

    摘要:The project, in the works since 2013, was a collaboration between WeWork and the Brooklyn Navy Yard, Rudin Management, and Boston Properties.

      Dock 72, a collaboration between WeWork, Rudin Management, Boston Properties and the Brooklyn Navy Yard, is slated to open later this year. It was conceived in 2013, back when WeWork hadn't yet cracked $1 billion in valuation.

      WeWork's IPO valuation may plunge to less-than-half of its last SoftBank-rolled private round. SoftBank is reportedly urging WeWork to postpone its IPO.

      The Dock 72 building, with 30,000 square feet of amenities, is a symbol of a new generation of offices, built after WeWork began advocating for the “space as a service” model.

      Here's a roundup of Business Insider's WeWork coverage.

      With WeWork's valuation under fire, it can be easy to forget how much the coworking company has already changed how offices are being built.

      Dock 72, a soon-to-open, 675,000-square-foot office development in the Brooklyn Navy Yard, stands as a beacon of what WeWork thinks the office of the future should look like. The project is a collaboration between WeWork, Rudin Management, Boston Properties and the Brooklyn Navy Yard Development Corporation. Originally conceived in 2013, it also stands as a monument to the heady optimism of a time when WeWork hadn't yet cracked a valuation of $1 billion.

      Business Insider toured the project three weeks ago to get a look a what's happening on the ground there.

      The project was originally unveiled in 2015 with a $300 million cost tag and WeWork as the anchor tenant and provider of 30,000 square feet of building amenities. By 2016, the price tag was reported as $380 million, and by 2017, it was reported to have increased to $410 million.

      Meanwhile, WeWork's IPO valuation could be less-than-half its last SoftBank-rolled private round — and that's if the company goes public any time soon at all. SoftBank has been urging the coworking giant to postpone its public debut, according to an FT report. The most up-to-date media reports say that WeWork is planning to go forward with the IPO.

      WeWork plans to move its own corporate employees and flex-office customers into its 222,000 square feet of the project this fall. Earlier media reports showed the company planning to move in later last year, then this spring, and then this summer. And CRETech, a leading commercial real estate technology research group, plans to hold its annual conference in the building this October.

      A recent report by JLL estimates that a third of US office space will be flexible by 2030. WeWork's competitors, some as old as WeWork, others who launched more recently, may be concerned that bad press can hurt the industry, but also see that as a road bump en route to a newly-imagined office.

      Read more: We got a peek at WeWork's top landlords. Here's who is most exposed to the fast-growing, but money-losing, coworking company as it prepares to IPO.

      The Brooklyn Navy Yard Development Corporation has been managing the space since 1981, 15 years after the Navy decommissioned the site and 180 years after the Yard was established. The Development Corporation's mission has been to bring the number of jobs in the Yard to or above peak levels, when the Yard was developing battleships during World War Two.

      The Dock 72 space, an old drydock surrounded by water on three sides, was not an ideal space for the industrial and manufacturing businesses that the Yard usually hosts. WeWork reached out with a proposal for the dock in 2013 through real estate channels.

      WeWork, without a track record of developing on its own, brought Rudin Management and Boston Properties to the site as potential partners. Neither firm had ever developed in Brooklyn, and this project, planned to be, would be the first ground-up, class A office building built in the borough in more than two decades.

      WeWork and Rudin's relationship had begun earlier in 2013, with WeWork leasing space in Rudin's 110 Wall Street building. The building, which Rudin developed and has operated since the 1960s, was substantially damaged by Hurricane Sandy the year prior. WeWork pitched Rudin on placing a WeWork in the building, as well as the first WeLive, WeWork's co-living brand. Building off of that prior partnership, and the value of working with another experienced development firm like Boston Properties, Rudin decided to join the deal.

      “When you're looking at a deal, you hope to check a few boxes,” Michael Rudin, a senior VP at Rudin, told Business Insider. “We were checking a lot of boxes.”

      The project, surrounded on three sides by water, has not been an easy development. The Navy Yard lobbied New York City to build a ferry stop on the site, as the Navy Yard is far from most subway lines. The ferry opened early this year.

      Read more: Here are the old-school real estate problems that WeWork's technology hasn't solved. It may mean a less than lofty valuation on IPO day.

    熱點資訊

    United Arab Emirates Dirham

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    當前匯率  :
    --
    請輸入金額
    United Arab Emirates Dirham
    可兌換金額
    -- United States Dollar
    風險提示

    外匯天眼資料均來自各國外匯監管機構的官方資料,如英國FCA、澳大利亞ASIC等,所公佈的內容亦均以公正、客觀和實事求是為宗旨,不向外匯交易平臺收取公關費、廣告費、排名費、資料清洗費等灰色費用。外匯天眼會盡最大努力保持我方資料與各監管機構等權威資料方資料的一致及同步性,但不承諾與其即時保持一致和同步。

    鑒於外匯行業的錯綜複雜,不排除有個別外匯交易商通過欺騙手段獲得監管機構的合法註冊。如外匯天眼所公佈資料與實際情況有不符之處,請通過外匯天眼“投訴”和“糾正”功能,向我們提出,我們將及時進行核實查證,並公佈相關結果。

    外匯、貴金屬和差價合約(OTC場外交易)是槓桿產品,存在較高的風險,可能會導致虧損您的投資本金,請理性投資。

    特別提示,外匯天眼所列資訊僅供參考,不構成投資建議。外匯平臺由客戶自行選擇,平臺操作帶來的風險,與外匯天眼無關,客戶需自行承擔相關後果和責任。

    ×

    選擇國家/地區