Real estate news: WeWork opens its first members-only offices in Newport Beach

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Despite its troubles on Wall Street, WeWork’s expansion in Orange County continues with a new office in Newport Beach and four more properties under development.

The company’s sixth site in the county has opened in Bayview Towers at 100 Bayview Circle. The suite of offices and open workspaces can host 800 WeWork members in 50,000 square feet, the company said.

The offices carry the brand’s signature mid-century modern style, open floor plan, floor to ceiling glass and steel framing and communal working space.

“Since expanding in Orange County, we’ve experienced increasing demand and look forward to seeing the creative and entrepreneurial workforce in Newport flourish in our space,” said Kley Sippel, general manager for WeWork in Southern California.

WeWork scrapped its initial public offering in September and is in danger of running out of cash as early as next month. The company has been pursuing a pair of rescue plans to shore up its finances, one from SoftBank, its largest shareholder, and another from JPMorgan Chase & Co.

The company’s business model relies on members who pay subscription fees to lease workspace in its posh offices. WeWork has two dozen locations across Southern California with at least 17 in Los Angeles County.

There are four more WeWork spaces coming online in the near future including another site in Newport Beach and three more in Irvine.

Open Orange County locations:

Opening soon:

Leased in Anaheim

Western Pacific Tile has signed an $865,962.49, five-year lease for 12,840 square feet of industrial space at 1245 N. Grove St. in Anaheim. Johnny Eubanks at Lee & Associates Orange represented the lessor James E. Hundley and Pat Delaney represented the lessee. 

GF buys in Irvine

Swinerton Builders has sold a 20,684-square-foot office building for $6 million at 17731 Mitchell North in Irvine, according to the brokerage JLL.

GF Capital bought the building and will relocate its business to the building alongside with its other affiliated businesses including Far West Industries, a Southern California homebuilding company and Far West Technologies, a technology-based company.

JLL Orange County’s Scott Wetzel represented Swinerton Builders in the transaction. Scott Lissoy of Far West Industries represented GF Capital. 

Housing collaboration

Jamboree Housing Corp. and WISEPlace in Santa Ana have formed a $21 million building partnership to design and expand the nonprofit’s facility, which offers resources and housing to homeless women in transition.

The collaboration brings WISEPlace’s capital campaign closer to its $25 million goal, according to Brateil Aghasi, executive director of the nonprofit.

The revamped 1950s facility will include 52-units of fully-furnished permanent supportive housing, a fully operational kitchen with dining hall, financial empowerment learning labs, dedicated wraparound service areas with private counseling and case management spaces, and an outdoor area with community gardens and space for domestic pets.

Irvine-based Jamboree is a nonprofit housing development company that develops, acquires, renovates and manages permanently affordable rental and ownership housing throughout California for working families, seniors and people with special needs.

Founded in 1929 as the South County YWCA, WISEPlace has been providing care to women, children and families. The doors of the first facility opened in 1929, and the current facility opened in 1951.

Milestones

Costa Mesa-based Hawker Construction has been selected by Remodeling magazine to join the Remodeling Big50, a list of companies that have taken the lead in raising industry standards. The Big50 awards were presented at a dinner at the Remodelers Summit and Awards Gala in Orlando, Fla. Hawker Construction is local to Newport Beach and specializes in whole house luxury remodeling.

Cybersecurity luncheon

The Orange County Regional Chapter of the Community Associations Institute will host this month’s educational luncheon Oct. 24 at the Irvine Marriott. The topic is Cybersecurity Awareness in the Cloud Computing Era.

Attendees will learn about the various cybersecurity issues impacting HOAs and the community association industry, get an overview on cyber-liability insurance, as well as learn practical tips, avoid legal pitfalls and get information about protections for HOA information, computers and networks against cyberattacks.

Registration and the exhibit hall opens at 11:30 a.m. and the educational luncheon program is from 12 p.m. to 1:30 p.m. For more information go to caioc.org.

Coming up

CENTURY 21 Discovery in Fullerton is holding its 25th annual “Celebrate Giving” charity dinner and auction Nov. 20 at the Coyote Hills Golf Course.

The event kicks off the fundraising season for Discovery Charity Foundation, a nonprofit that donates to charities in North Orange County.  The firm’s philanthropic efforts have raised more than $350,000 over the past 24 years for charities in the community.

The recipients of 2019 funds raised will be Boys and Girls Clubs of Fullerton, Fullerton Cares Autism, Meals on Wheels of Fullerton, St. Jude Memorial Foundation, Teen Challenge of Orange County, Women’s Transitional Living Center (WTLC) and the YWCA of North Orange County.

Tickets are $60 per person. For more information, to make a donation or to purchase tickets to the event, call the Discovery Charity Foundation at 714-626-2888 or visit the event website at c21discoverycharityevent.com.

Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.

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