WeWork to continue expanding Toronto footprint with two new locations
New York City-based WeWork has announced its plans to open two new Toronto locations, with opening dates set for 2020 and 2021.
The first location set to open will be located in the core of downtown Toronto, in the centre of the Financial District at Richmond and Bay, becoming the sixth and seventh to be announced since entering the city in 2017.
This massive WeWork location will occupy 11 floors of a landmark building, bringing more than 1,000 entrepreneurs, mid-market and enterprise companies to the Bay Street Village. This is the first partnership agreement between Dream, one of Canada’s leading real estate companies, and WeWork.
Located at 357 Bay Street, WeWork says the sprawling new space is situated between the King and Queen streetcar routes and within walking distance to the Yonge subway line, attracting remote workers commuting from outside of the city.
Chris Bonneville, Director of Real Estate Management, Northeast Canada, WeWork, says the new Bay Street location will be “extremely important” for WeWork in Toronto for many reasons.
“It is our second in the core of the financial district, it is a standalone, landmark building and there’s huge potential for WeWork’s member companies to change the makeup of this intersection.”
“This is our first deal with Dream and we’re looking forward to entering into a larger partnership to help diversify their portfolio in the city.”
The second location set to open will be located in the heart of vibrant Liberty Village, in the new Liberty Market Tower, a brand new 28-storey, 283-unit residential tower together with 18,400-sq-ft of retail space and 138,700-sq-ft of office space.
This will mark WeWork’s seventh announced location in the city and will feature over 1000 desks across three floors, offering workers stunning views of one of Toronto’s most sought-after neighbourhoods.
At this location, workers can access the area by the King, Bathurst and Harbourfront streetcar routes, the Ossington Bus and the Go Transit Exhibition Stop.
“Since opening our first location in August 2017, we have continued to see unprecedented demand in Toronto,” said Bonneville.
“In response to this, we’re excited to broaden our reach to the west end of the city, our first in the area. Liberty Village has emerged as an innovation and creative hub for businesses in Toronto and our newest location, the brand new Liberty Market Tower, will be an amazing addition to our portfolio in the city.”
Since opening its first location in Toronto at 240 Richmond in summer 2017, WeWork has seen incredible demand for its spaces from companies of all shapes and sizes, with members including Shopify, RBC and TechStars.
With four locations currently open in the city and one more set to open this year, WeWork will reach nearly 5,000 Toronto members by the end of 2018 and will continue to invest and grow in Canada and expects to have 20 sites in Toronto by the end of 2020.