- General
- July 31, 2018
- 3 minutes read
WeWork gets biggest design deal yet from wealth management firm UBS
image credit : WeWork Co-working startup WeWork has inked a design deal with wealth management giant UBS which will see…
image credit : WeWork
Co-working startup WeWork has inked a design deal with wealth management giant UBS which will see WeWork refit its 30 year old office overlooking the Hudson River with this deal representing the largest yet for WeWork’s Powered by We service which was established last year to provide office management and design services to large companies and enterprises.
As reported by Bloomberg, WeWork presented a clear vision to UBS which consisted the need of “a juice bar, meditation room and a lot more greenery.”
WeWork’s shared workspaces has garnered a lot of users and positive reviews with the company since its establishment 8 years ago with the company now providing workspaces for the likes of Salesforce, Microsoft, Pinterest, Standard Chartered, General Electric, Bank of America, HSBC and several others.
Construction on the UBS space is set to begin mid-next year as WeWork takes on an important effort of providing a more suitable workspace for employees of the world’s largest wealth manager.
WeWork’s Powered by We unit generated $13.7 million in revenue for the company last year amidst construction costs of $12.7 million for the coworking startup which has raised north of $7 Billion in total with a current valuation of $20 Billion.
The unit currently has 30 customers and 11 workspaces in use which includes an office in Hong Kong for financial services giant Standard Chartered, A reported Chicago office for travel tech company Expedia and several other spaces.
UBS’s space spans more than 100,000 square feet and with the company now partnering with NY headquartered WeWork to redesign its New Jersey space, We’ll get to see how its largest design deal yet will play out for the company which is notably reported to be in the midst of an ongoing funding round which will see the company valued at $35 Billion.
