WeWork announces fifth location in Toronto

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WeWork has confirmed the location of its fifth Toronto space.

The new space will be located in Toronto’s Financial District at the KingSett Capital and AIMCo-owned Scotia Plaza building at 40 King Street West, and is expected to open by the end of 2018. WeWork said the new space will have over 800 desks on the 41st and 42nd floor of the building. It will also give users access to King subway station and the PATH walkway system.

“WeWork brings a great energy to Toronto’s Financial Core which continues to evolve, seeing a migration of all types of business from global head offices to startups.”

“We are thrilled to be working with KingSett Capital to be adding this iconic building to our portfolio in Toronto,” said Rudy Mangino, director of real estate at WeWork. “We’re seeing demand grow from mid-market and enterprise companies and Scotia Plaza, with its large floorplates and great views, will allow us to offer an amazing space and solution for these businesses.”

WeWork’s announcement of its fifth Toronto location comes just over two months after the company announced its fourth Toronto space, which is also located in Toronto’s Financial District.

In March, WeWork told BloomBerg that it would open 20 more locations in Toronto by 2020. WeWork opened its first Canadian location in Montreal in March 2016, and confirmed its first Toronto location on Richmond Street in April 2017. The company has also leased space in Vancouver.

“We are excited to be bringing one of the world’s fastest growing companies to Scotia Plaza, and further diversifying our tenant mix,” said William Logar, EVP of asset management at KingSett Capital, which co-owns the Scotia Plaza building. “WeWork brings a great energy to Toronto’s Financial Core which continues to evolve, seeing a migration of all types of business from global head offices to startups.”

Amira Zubairi

Amira Zubairi

Amira Zubairi is a staff writer and content creator at BetaKit with a strong interest in Canadian startup, business, and legal tech news. In her free time, Amira indulges in baking desserts, working out, and watching legal shows.