WeWork Discloses Another 9-Figure Loss, Reworks Deals With 4 Landlords
WeWork, which lost $122M in February, has renegotiated terms on 25 leases and rejected 94. Talks at 173 other locations are ongoing.
WeWork, which lost $122M in February, has renegotiated terms on 25 leases and rejected 94. Talks at 173 other locations are ongoing.
The leases are the first two WeWork has sought to reject in the D.C. area since filing for bankruptcy in November.
The beleaguered coworking giant is seeking to renegotiate or exit hundreds of leases as part of its Chapter 11 bankruptcy proceedings.
WeWork aims to assume its lease at 448 N. LaSalle St., part of its efforts to restructure its real estate portfolio as it navigates bankruptcy proceedings.
John Santora has been tapped to fill David Tolley's shoes.
The planned lease assumptions include locations in Boston, Chicago, Denver, Houston, New York, San Francisco and D.C.
WeWork has opened a flagship office building in Dublin in the same week that it said it had completed its Irish and UK restructuring process.
WeWork notified the court that it would reject its Tower 49 lease on May 31.
The coworking sector saw 20% growth between December 2022 and May, with the 15 largest operators adding 252 locations during that period.
The new Workflow brand will be a coworking service offered by Neumann's residential company, Flow, and it is planning space in a new Flow building in Miami.
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