WeWork Closes Bay Area Lease
- Sep 20, 2019
Monday Properties has welcomed WeWork to 1840 Gateway Drive, a 70,000-square-foot office building in San Mateo, Calif. The coworking giant will occupy a total of 37,390 square feet across two floors.
Completed in 1998, the four-story building features 18,695-square-foot floorplans and underwent cosmetic upgrades in 2016, according to Yardi Matrix data. Following the 2017 acquisition, Monday Properties also improved the asset extensively. Renovations included the addition of a fitness center, upgraded elevators and EV car charging station as well as new landscaping and patio space extending from the lobby.
The asset is fully leased to a roster that includes Vlocity and Booster Fuels. Situated in San Mateo’s Mariner’s Island district, just off the intersection of freeways 92 and 101, the property provides access to the East Bay, San Francisco and Silicon Valley. Additionally, the building is near various retail amenities such as the Bridgepointe Shopping Center and Metro Center Shopping Center.
Cushman & Wakefield represented the landlord, while CBRE assisted the tenant in the transaction. Monday Properties Senior Vice President Brendon Lydon acquired and manages the property on behalf of the owner.