WeWork is offering steeply discounted rents to a select number of small startups and nonprofits in Boston, part of an initiative meant to help businesses return to downtowns during the pandemic.
The coworking company (NYSE: WE) is also expanding the program, named WeWork Growth Campus, into Washington, Chicago and Los Angeles after launching it in New York last month.
Businesses and nonprofits selected for the program will receive at least half off the typical rent, for up to a year, at WeWork’s spaces at 200 Berkeley St. in Back Bay and 200 Portland St. near North Station. The initiative includes mentorship and networking opportunities and educational programming.
The company plans to offer office space in Boston with a market value of up to $4.8 million as part of WeWork Growth Campus, it said. There are about 60 offices across the two locations that can hold participants in the program, according to Chris Ferzli, vice president of global public affairs at WeWork.
“As companies hit the end of their term, we will work with them on staying part of our community in terms that work for them,” Ferzli said.
To be eligible for the program, startups should be less than five years old, have fewer than 100 employees, and investor funding no more advanced than the seed stage. Nonprofits must also be less than five years old and “supporting underserved communities with economic opportunities," according to the criteria.
WeWork’s total square footage in Greater Boston is now about 1.27 million square feet, according to the company. During the pandemic it has closed multiple local offices, including a large location across from South Station.
A previous version of this story included an incorrect reference to the value of the real estate that is part of the program in Boston.
