New York, NY – May 13, 2024 – Today, WeWork, the leading global flexible space provider, announced the assumption of nine locations across the United States. These assumptions, which are subject to court approval, are the result of WeWork’s efforts to enhance its real estate portfolio to support sustainable, long-term success.
Under newly agreed-upon terms that position WeWork and its landlords for strong future operations, the Company is assuming its leases at the following locations:
- 53 Beach Street
- 135 West 41st Street
- 160 Varick Street
- 201 Spear Street
- 430 Park Avenue
- 625 Massachusetts Avenue
- 1111 Broadway
- University Park
- Wells Fargo Center
WeWork has made considerable advancements in its strategic restructuring. Globally, the Company has determined a path forward at 95% of its wholly-owned lease portfolio, and according to the current business plan, is projected to reduce total rent commitments by over $11 billion. To date, WeWork has announced the assumption of 77 locations and has completed its lease rationalization process in ten cities across the United States.
Learn more about today’s lease assumptions.
STATEMENTS REGARDING LEASE ASSUMPTIONS
University Park:
“With great proximity to downtown Austin and the University of Texas, WeWork’s University Park workspaces are where creators, startups, and leading companies thrive. We’re pleased to continue our partnership with WeWork on new, mutually-beneficial terms and look forward to supporting its workspaces in Austin,” said Aaron Russell, Vice President, Head of Real Estate Asset Management at Lionstone Investments.
“We’re thrilled that our first lease assumption in Austin is at University Park, a vibrant workspace in an unbeatable location. The building’s stunning city views, abundant natural light and fresh design consistently inspire our members to have a great day at work,” said WeWork. “We’re grateful for our partnership with Lionstone Investments and delighted to continue working together to provide the flexible work solutions that Austin’s workers want.”
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.
