Related Beal today announced that it has completed a 121,000-square-foot lease with WHOOP, the Boston-based human performance company, at its One Kenmore Square development. WHOOP will lease all eight floors of the newly built Commonwealth Building for its corporate headquarters, as well as a portion of the first-floor retail space. The company’s move to Kenmore Square, in the heart of Boston, will add hundreds of talented employees to the neighborhood across engineering, data science, research and development, marketing, product design, talent and more.
“Boston uniquely blends together world-class education, healthcare, technology and sports, which align perfectly with our mission at WHOOP to unlock human performance,” said Will Ahmed, WHOOP founder & CEO. “We intend to bring 1,000 jobs to our new global headquarters and look forward to calling Boston our home for years to come.”
WHOOP, founded in Boston in 2012, offers industry-leading wearable technology and a monthly subscription for 24/7 health monitoring designed to optimize behavior, improve physiology and sleep and create meaningful lifestyle changes. WHOOP has experienced a year of hyper-growth for the membership and overall business, including a $100 million Series E financing at a $1.2 billion valuation in October 2020 that featured investors like NFL MVP Patrick Mahomes, NBA MVP Kevin Durant and PGA TOUR Major Champions Rory McIlroy and Justin Thomas. Over just the past few months, WHOOP has launched official partnerships with the PGA TOUR and LPGA Tour, CrossFit, the U.S. Army and schools like Howard University and The University of Southern California.
"WHOOP is a dynamic, homegrown Boston success story and we are thrilled to welcome them to Kenmore Square," said Patrick Sweeney, managing director of Related Fund Management. "We are particularly excited that WHOOP is making the Commonwealth Building their new headquarters and look forward to helping facilitate their continued growth and innovation."
“Kenmore Square is one of Boston’s most vibrant neighborhoods, making it the perfect home for an innovative company like WHOOP,” said Kimberly Sherman Stamler, president of Related Beal. “WHOOP’s focus on vitality, physiology and innovation will benefit from One Kenmore Square’s proximity to outstanding medical, cultural and academic institutions.”
The Commonwealth Building, located on the corner of Commonwealth Avenue and Deerfield Street, includes five roof decks with unobstructed views of Kenmore Square and the Charles River, and more than 7,000 square feet of retail space on the ground floor. WHOOP is expected to take occupancy of the building in Q2 2022.
In total, One Kenmore Square is a 326,000-square-foot transit-oriented destination. Immediately adjacent to the Commonwealth Building is the Beacon Building, a seven-story, 198,000-square-foot asset currently being developed as a Class A life science building. As part of the One Kenmore Square development, Related Beal is delivering significant public realm and community enhancements, including expanded sidewalks on Deerfield and Beacon Streets, new street trees and seating, additional green space and a buffered bike lane.
WHOOP was represented in the transaction by JLL broker Robert Jangro. Related Beal was represented by Newmark Knight Frank brokers Dave Martel, Mike Greeley and Jason Cameron and Related Beal.
WHOOP, the human performance company, provides a membership for 24/7 coaching to improve health. The WHOOP membership comes with free hardware (the new Whoop Strap 3.0), a coaching platform designed to optimize your behavior, and a community of high performers. WHOOP members range from professional athletes and Fortune 500 CEOs to fitness enthusiasts and endurance competitors to executives and military personnel. Studies show WHOOP can positively change behavior, increase sleep, and improve physiological biomarkers. Founded in 2012, WHOOP is based in Boston and has raised more than $200 million in venture capital. Visit whoop.com for the latest company news and connect with WHOOP on Instagram, Twitter, Facebook, and YouTube.
About Related Beal:
Related Beal is a fully integrated real estate firm focused on development opportunities in Boston and its surrounding areas. Related Beal leverages a national real estate platform with expertise across all asset classes and storied local experience in residential, commercial, hospitality and life sciences development, property management and investment. Related Beal has developed, and is undertaking the development of, some of the most recognized buildings in the area including The Clarendon, One Back Bay, Lovejoy Wharf, The Beverly, The Quinn, Congress Square, Innovation Square, the redevelopment of Kenmore Square, and more. For more information on Related Beal, please visit www.relatedbeal.com.
About Related Fund Management:
Related Fund Management was founded in 2009, and is an affiliate of Related. RFM has grown to a team of over 40 dedicated fund professionals and now manages approximately $9 billion in capital across various real estate investment strategies that leverage Related’s operating platform.
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