Portland, OR – February 20, 2024 – Today, WeWork, a leading global flexible space provider, announced it has reached a revenue sharing agreement and, as a result, assumed its lease at 830 NE Holladay St. in Portland. The assumption, which is subject to court approval, marks the conclusion of WeWork’s efforts to renegotiate its lease terms in the Portland market and positions the company for a sustainable, successful future in the city.
WeWork will continue to occupy the entire Lloyd district building through an agreement that strengthens its relationship with American Asset Trust, where both parties will share in the operation’s success through a revenue split. 830 NE Holladay St. is one of multiple alternative lease structures the company has reached through its strategic restructuring and the eighth lease it has assumed.
“We’re grateful to deepen our relationship with American Asset Trust and our roots at 830 NE Holladay St., paving the way for our promising future in Portland,” said Melissa Visoky, Director of Real Estate Management at WeWork. “In this next chapter, we’re excited to continue investing in our offerings to be the partner of choice for those looking to take their work to the next level. We’ve long known that flexible workspace would thrive in this vibrant and unique city and are proud to be part of the Portland community.”
Among the members at 830 NE Holladay St. is Marc Connolly, Director of Lead Generation & Land at Hawthorne Renewable Energy. “Our company was immediately drawn to WeWork 830 NE Holladay St. by the bustling community. This energy and environment is transformative to our team, who spend the majority of their week in the office, said Connolly. “As a company on a mission to lead America’s advancement towards a sustainable and secure energy system, WeWork’s flexibility helps support our goal.”
To date, WeWork has struck over 60 deals to amend leases in its global portfolio which will amount to over $1.5 billion in total rent savings. The company is grateful to landlords, like American Asset Trust, in supporting its path to becoming a financially stronger and more sustainable operator for the future.
About WeWork
WeWork was founded in 2010 with the vision to create environments where people and companies come together and do their best work. Since then, we’ve become a leading global flexible space provider committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences. For more information about WeWork, please visit us at wework.com.
