The We Co. unit WeWork Cos. Inc. will not proceed with a deal to occupy space in a Seattle high-rise owned by Martin Selig Real Estate Inc. the Puget Sound Business Journal reported, citing a statement.
The coworking giant's WeLive shared-living concept had been set to occupy the top 23 floors in the 35-story WeWork-WeLive Belltown Seattle at Third and Lenora, with the floors below to be used for office space. The tower is currently under construction.
WeWork said two years ago that it would pay for construction of the tower along with Selig, according to the report.
The two companies expect to continue to work together on Selig's 15th and Market mixed-use office project in the Ballard neighborhood of Seattle, where WeWork has leased the top two floors, totaling about 76,600 square feet. That project is expected to open in December.
Selig and The We Co. officials declined to comment further, the publication noted.