WeWork Inks 51 KSF Orange County Lease

The coworking giant plans to open the Newport Beach space at the beginning of 2020.

A joint venture between Lincoln Property Co. and Angelo, Gordon & Co. has signed a 51,716-square-foot lease agreement with WeWork in Newport Beach, Calif. The coworking firm’s space, slated to open in January, is set to span two floors of the largest building at Redstone, a 177,817-square-foot office campus.

The coworking firm’s new space is located at 4041 MacArthur Blvd., in the heart of Orange County. The building’s owner plans to renovate the asset’s common areas and add a café and tenant patio spaces. The landlord intends to partner with WeWork to operate the new amenities.

Yardi Matrix data from July shows some 2.1 million square feet of shared space within Orange County. WeWork was the largest coworking tenant across the metro, operating more than 25 percent of the space in the market.

WeWork has faced a series of high-profile struggles lately, stemming from the firm’s rapid—yet expensive—global expansion without a clear path to profitability. Even amidst its major leadership shakeup, the firm continues to grow its footprint, evidenced by another newly inked, 362,000-square-foot lease in Manhattan’s Plaza District.