JUNE 19, 2017
ASB Signs Major Lease with WeWork in Capella Tower
MINNEAPOLIS, MN – June 19, 2017 — ASB Real Estate Investments announced today that ASB Real Estate Investments announced today that WeWork has leased approximately 50,000 square feet of space in Capella Tower, one of the city’s most iconic buildings. Opening its first local office on three upper floors in the prominent 58-story downtown skyscraper, WeWork operates in 50 cities worldwide and provides shared workspace, community, and services for entrepreneurs, freelancers, startups and small businesses.
ASB owns Capella Tower, located at 225 South Sixth Street, as well as the adjoining, 20-story Star Tribune Building, on behalf of Allegiance Fund, a $7 billion core real estate vehicle for institutional investors. Connected to the city’s skyway system, the 1.4-million-square-foot complex offers a forward-thinking office environment for the more than 3,500 workers that enter the building each day. The recent completion of a comprehensive $9 million common area renovation delivered a state-of-the-art health club, new event space in the three-story atrium, and ground level common areas tailored for flexible workspaces and collaboration. Capella Tower also offers a community manager, concierge services, a conference center, indoor bike storage, valet parking, a coffee bar, and other retail conveniences. Designed by Pei, Cobb, Freed & Partners, Capella Tower is LEED Gold certified by the U.S. Green Building Council.
Brodie Ruland, Senior Vice President of ASB, said: “We are thrilled WeWork has chosen Capella Tower to open its first Minneapolis location. WeWork’s selection of Capella Tower is a testament to the building’s ongoing commitment to offer collaborative and innovative work environments in one of the city’s signature office locations.”
Megan Dodds, WeWork Community Director, Midwest, added: “We are thrilled to announce that our first location in Minneapolis, WeWork Capella Tower, will be opening this fall. We are excited to be part of this community and to work closely with startup, business, and government leaders to further establish the Twin Cities as a hub for creativity, entrepreneurship, and innovation. Whether a freelancer, a small business, or a global enterprise, WeWork will provide the space, services, and community Minnesota companies need to thrive.”
About WeWork
WeWork is the platform for creators. We provide beautiful workspace, an inspiring community, and meaningful business services to 100,000 members around the world. From startups and freelancers to small businesses and large corporations, our community is united by a desire for our members to create meaningful work and lead meaningful lives—to be a part of something greater than ourselves. Co-founded by Adam Neumann and Miguel McKelvey in New York City in 2010, WeWork is a privately held company with more than 2,000 employees.
WeWork by the Numbers
- 120,000 members
- 140+ locations 45 cities, 14 countries
- 70% of our members have collaborated
- 50% have done business together
- Companies with 15+ desks are our fastest growing member segment
WeWork Press Inquiries: [email protected]
About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $7.4 billion* in gross assets under management for over 360 domestic and international institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing; the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account.
*as of March 31, 2017
The information provided in the release does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities.