New York, NY – May 20, 2024 – WeWork, the leading global flexible space provider, announced today the expected assumption of 89 additional leases across the United States and Canada through the filing of its first Plan Supplement. This marks the completion of WeWork’s lease portfolio review in the vast majority of markets, bringing the Company closer to the conclusion of its strategic restructuring.
“With our lease rationalization across the United States and Canada nearly complete, WeWork is positioned for a strong and bright future,” said Peter Greenspan, Global Head of Real Estate at WeWork. “Strengthening our real estate portfolio could not have been possible without the collaboration of our landlord partners, to whom we are immensely grateful. Their partnership, combined with our improved operational efficiency and unwavering commitment to our members, sets the stage for WeWork’s success in this new chapter.”
These expected assumptions complete WeWork’s real estate portfolio review in most of its markets across the United States and Canada, including top cities such as Chicago, Denver, Houston, San Francisco, Salt Lake City, Seattle, Vancouver and Washington D.C. In these markets, WeWork will move forward with a real estate footprint that includes its strongest and most popular locations where it plans to operate for the future.
A key pillar of WeWork’s progress throughout its strategic restructuring has been the rationalization of its lease portfolio. To date, WeWork has determined a path forward at over 97% of its global, wholly-owned lease portfolio, and according to the current business plan, is projected to reduce total rent commitments by over $11 billion. WeWork has previously announced the assumption of 77 leases and, upon emergence, expects to operate more than 170 locations across the United States and Canada and 337 locations globally.
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.
