Coworking it out

Photos: WeWork opens 4th Houston location in Hines downtown trophy tower and plans expansion in the Galleria

WeWork opened the doors to its fourth Houston location. Courtesy of WeWork

WeWork has officially doubled down on its downtown presence in Houston. The coworking company has officially opened the doors of its space within Hines' trophy tower.

The coworking space makes up 50,000 square feet on two floors of 609 Main St. The 48-story building, which is owned and developed by Houston-based Hines, premiered on the downtown Houston skyline in 2017.

"The new WeWork space at 609 Main Street is a great complement to our state-of-the-art office building in downtown Houston," says Philip Croker, senior managing director at Hines, in a news release. "It's been a pleasure to work with this team and we are eager to see their space filled with Houston's cutting-edge businesses. We know WeWork in Houston is strong and look forward to our partnership growing in the years to come."

Meanwhile in the Galleria area, WeWork is opening two additional floors of its space in Galleria Tower I this month. More details on the expansion are still to come.

The new 609 Main location, which was originally announced this summer, joins the Galleria location and a Woodlands location in Hughes Landing, which also just announced its new location recently, as well as another downtown location in the Jones Building — just across the street at 708 Main St.

The new location is modern and high-end, per the release, which juxtaposes its historic sister location in downtown. The 609 Main location has a more executive feel than the homey environment of the Jones Building. For that, the new location charges a bit of a premium. Private offices at 609 Main begin at $780 a month, compared to the rates of $550 at the Jones Building and $580 at Galleria Tower I. Unassigned desk memberships are around $300 monthly for the two older locations, compared to closer to $400 for 609 Main.

"WeWork is eager to continue its expansion in the Houston area with the opening of our fourth location in Houston and second downtown," says Nathan Lenahan, general manager for Texas at WeWork, in the release. "The space at 609 Main Street is a perfect location for those businesses and entrepreneurs downtown looking to expand and have a flexible, creative office environment that promotes community."

Last month, the New York Times announced job cuts companywide for WeWork, however there has not been any regional reports for the coworking company or any information on how the cuts will affect Houston locations.

Executive feel

Courtesy of WeWork

Compared to WeWork's other Houston locations, the 609 Main space has more of an executive feel — and monthly membership reflects that. Rates are a full $200 more a month for a private office compared to WeWork's other downtown location.

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Building Houston

 
 

Tvardi Therapeutics Inc. has fresh funds to support its drug's advancement in clinical trials. Photo via Getty Images

A Houston-based clinical-stage biopharmaceutical company has raised millions in its latest round.

Tvardi Therapeutics Inc. closed its $74 million series B funding round led by new investors New York-based Slate Path Capital, Florida-based Palkon Capital, Denver-based ArrowMark Partners, and New York-based 683 Capital, with continued support and participation by existing investors, including Houston-based Sporos Bioventures.

"We are thrilled to move out of stealth mode and partner with this lineup of long-term institutional investors," says Imran Alibhai, CEO at Tvardi. "With this financing we are positioned to advance the clinical development of our small molecule inhibitors of STAT3 into mid-stage trials as well as grow our team."

Through Slate Path Capital's investment, Jamie McNab, partner at the firm, will join Tvardi's board of directors.

"Tvardi is the leader in the field of STAT3 biology and has compelling proof of concept clinical data," McNab says in the release. "I look forward to partnering with the management team to advance Tvardi's mission to develop a new class of breakthrough medicines for cancer, chronic inflammation, and fibrosis."

Tvardi's latest fundraise will go toward supporting the company's products in their mid-stage trials for cancer and fibrosis. According to the release, Tvardi's lead product, TTI-101, is being studied in a Phase 1 trial of patients with advanced solid tumors who have failed all lines of therapy. So far, the drug has been well-received and shown multiple durable radiographic objective responses in the cancer patients treated.

Dr. Keith Flaherty, who is a member of Tvardi's scientific advisory board and professor of medicine at Harvard Medical School, offered his support of the company.

"STAT3 is a compelling and validated target. Beyond its clinical activity, Tvardi's lead molecule, TTI-101, has demonstrated direct downregulation of STAT3 in patients," he says in the release. "As a physician, I am eager to see the potential of Tvardi's molecules in diseases of high unmet medical need where STAT3 is a key driver."

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