WeWork — a co-working company that currently has more than 50 physical locations in 17 cities and four countries — is coming to Brooklyn Heights. Treeline, a value-add asset developer, owner and investor throughout the New York metropolitan region, and its joint venture partner Long Wharf Real Estate Partners, a private equity real estate firm, have leased the top four floors totaling nearly 77,000 square feet to WeWork at 195 Montague St.
“We are happy to meet the needs of WeWork as they continue their New York City expansion with the addition of this second Brooklyn location,” said Kraig Silver, executive vice president of Treeline. “The property at 195 Montague St. is a prime Brooklyn location convenient to mass transit, the courts and the borough’s growing tech sector.”
WeWork’s other Brooklyn location is nearby, at the Dumbo Heights development.
Founded in 2010, WeWork is a platform for creators that provides thousands of members worldwide with space, community and services through both physical and virtual offerings.
The property at 195 Montague St., also known as the Montague Pavilion Condominium, is a 14-story glass and steel office condominium built in 1960 and renovated and converted to condos in 1994. Current tenants at the property include federal and city agencies as well as medical-related offices.
Located between Clinton and Court streets, 195 Montague St. is situated in the heart of Brooklyn Heights, adjacent to the courthouse and business districts. The N, R, 3, 4 and 5 subway lines are within walking distance and the property is convenient to the Brooklyn-Queens Expressway.
Silver represented the owners in the deal, while Jonathan Serko, vice chairman of Cushman & Wakefield, represented the tenant.
Treeline acquired the condominium floors earlier this year in a joint venture with Long Wharf Real Estate Partners, a Boston-based private equity real estate manager focused on value-added investments in the U.S., and KABR Group, an opportunistic real estate owner and operator. Michael Schor from Treeline and John Schonborn from Long Wharf oversaw the acquisition.
—Information from The Treeline Companies