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Less than a month after reports of the closure of the Hollywood and Vine WeWork, the company is moving to close one of its largest locations in the LA area.
WeWork is closing its 75K SF location at Worthe Real Estate Group's The Tower in Burbank, The Real Deal reported, citing anonymous sources.
WeWork is “current” on its obligations, Worthe Real Estate Group President Jeff Worthe told TRD, declining to comment further.
TRD found online listings for The Tower that ask a monthly rate of $4.85 per SF for the space WeWork is vacating, a rate that works out to $4.3M a year. WeWork opened its operation in the building in 2017.
There was no date set for the closure, but the coworking company is slated to close its Hollywood and Vine location by the end of the month, TRD reported. The building's owner, JH Snyder, put the property up for sale in August. Last year, WeWork also dropped one of its West Hollywood locations, and the coworking giant missed analysts' earnings predictions in the second quarter.
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