Coworking giant WeWork plans to close one of its two locations in downtown Durham, vacating three floors of office space and clearing the way for the building's new owner's plans for the space.
This week, tenants at WeWork’s Durham.ID location at 300 Morris St. received an email explaining that the company plans to close its location in the building at the end of the year. The message said that the decision comes after an “in-depth review" of the company's portfolio. The move comes less than two years after the company signed the lease for 74,184 square feet across three floors in Durham.ID.
In a separate email to TBJ Wednesday, the company said the review has been in the works since last fall and that the decision to leave Durham.ID is not in response to the pandemic.
Sounds like it may have more than anything else to do with the recent change of hands of the building. Still seems a little odd that they would have been reviewing the location in the fall, considering they just moved there last July. But WeWork has never been known for stellar controls.
In addition to consolidating WeWork's space in the Triangle, the closure also clears the way for Longfellow Real Estate Partner's recent purchase of the 300 Morris Street tower, according to the seller, Bain Capital.
Not really a surprise since this setup never seemed to make too much sense with two sizable locations a couple blocks from each other in a smaller market. Really interested to see what Longfellow envisions for the long-term here now that they are the sole owner.