WeWork is continuing its Boston expansion by taking the entire office component at a renovated historic building in the heart of Downtown Crossing.
Midwood Investment & Development spent most of 2017 and 2018 doing a gut renovation at One Milk Street, a six-story, mixed-use building it acquired in 2015 for $18.2M. The development team restored all the interior architecture and exposed brick that dated back as far as the late 1800s.
The work to preserve the historic Boston building caught the attention of the country’s fastest-growing office user, as WeWork has signed a lease for the five-story, 29K SF office at the 45K SF building, sources familiar with the deal tell Bisnow.
The Boston Realty Advisors office leasing team of Robert LeClair, Bonnie Doorakian and Wil Catlin represented Midwood in the deal.
One Milk is less than a 10-minute walk from South Station as well as the Downtown Crossing and Park Street subway stations.
It is unclear what tenant strategy WeWork has for One Milk Street, but the coworking giant included Boston earlier this year on a list of cities where it plans to expand its reach of flexible office offerings for midsized companies that have grown out of coworking.
Midwood had been asking for rents in the low $60s/SF at One Milk Street Class-B downtown rents tend to run in the mid-$50s/SF, according to brokerage data.