New York, NY – May 2, 2024 – WeWork, the leading global flexible space provider, announced today that it has completed its lease rationalization process as part of its strategic restructuring in Columbus, Detroit, Las Vegas, Portland, Sacramento, San Jose and Tampa. In each of these markets, WeWork will move forward with a real estate footprint that includes the company’s strongest and most popular locations where it plans to operate for the future.
“We’re thrilled to affirm our commitment to operating in each of these cities and are immensely grateful to our landlords for their collaboration and partnership. Together, we’re confident in WeWork’s future at their properties,” said Peter Greenspan, Global Head of Real Estate at WeWork. “With improved operational efficiency, WeWork’s portfolio in these seven markets is now better positioned to deliver the flexibility, services and experience that today’s workers want. We thank members for their patience and understanding throughout this process, and look forward to remaining their trusted real estate partner for many years to come.”
Globally, WeWork has made substantial progress in its ongoing strategic restructuring. In April, the company disclosed a new investment, which is subject to court approval, of $450 million to support operations through the conclusion of its Chapter 11 cases and provide post-emergence capital. WeWork has also determined a path forward at over 90% of its global, wholly-owned lease portfolio and, as a result, has reduced total future rent commitments by over $8 billion, or more than 40%.* With these critical components of its strategic restructuring addressed, the Company is better positioned to invest in its products, services, and best-in-class member experience.
WeWork remains committed to emerging from its restructuring by the end of May as a continuing leader in the flexible workplace industry, operating over 24 million square feet of real estate across over 330 locations in over 20 countries around the world.
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 the 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.
*Calculated in early April 2024. Estimated based on a combination of executed agreements, exits and agreements in principle across the global, wholly-owned lease portfolio.
