By Anthony Noto Reporter, New York Business Journal
UrWork is looking to give WeWork a run for its money.
Touted as the leading co-working company in China, UrWork is partnering with Rye, New York-based Serendipity Labs to open up a new co-working location in Manhattan's Financial District.
Based at 28 Liberty St., within the One Chase Manhattan Plaza tower, the 34,000-square-foot location is slated to open in October 2017.
UrWork and Serendipity are hyping that the partnership allows entrepreneurs from abroad to set up shop in the U.S. — specifically Silicon Alley.
The timing makes sense since almost half the global total of venture capital volume comes from Asia. According to a report by Preqin, the venture capital-backed market recorded its largest quarter ever due in large part to an influx of activity in Asia.
"We are proud to be partnering with an industry leader in the United States at a location of this stature," Mao Daqing, founder and CEO of UrWork. "Our members who wish to do business in the U.S. can expect an upscale, hospitality-based experience with Serendipity Labs, and we look forward to supporting Serendipity Labs members when business takes them to China."
RockTree Capital's Omer Ozden advised UrWork in the joint venture.
"Through this partnership, we are creating immediate value for our members without committing to extensive investments in overseas operations," John Arenas, CEO and founder of Serendipity Labs, said in a prepared statement. "It provides our members seamless access to UrWork's extensive network of locations, while offering their members upscale co-working when in the U.S."
WeWork, meanwhile, is putting the recently raised $300 million it received from SoftBank toward new partnerships in its own right.
The New York-based company recently collaborated with media and content company Mass Appeal to create a new state-of-the-art space with professional equipment geared toward entertainment and advertising. The new spot will be located in Manhattan's SoHo neighborhood.
Other co-working companies are expanding across New York, too. The Yard recently opened up its ninth co-working lab in N.Y.C. Last month, we reported that Verizon was opening co-working spaces with help of N.Y.C.-based Alley, and Industrious unveiled a new Manhattan lab, as well.