New York, NY – April 15, 2024 – Today, WeWork, a leading global flexible space provider, announced five new lease assumptions across the U.S. and Canada. These assumptions, which are subject to court approval, underscore the Company’s momentum in its strategic restructuring.
Four of today’s lease assumptions are for buildings where WeWork has worked collaboratively with its landlords to achieve new lease terms and are located at Terminus 100 in Atlanta, 5161 Lankershim Boulevard in Los Angeles, Marine Gateway in Vancouver and 240 Richmond Street in Toronto. The other lease assumption is for 1100 Ludlow Street in Philadelphia, a building where the existing agreement positions the Company to operate sustainably into the future. These are the first leases WeWork has assumed in Vancouver and Philadelphia.
“Spanning from the vibrant West Coast of Canada to the dynamic Southeast of the United States, these agreements reflect our progress in optimizing WeWork’s global lease portfolio and commitment to these key markets,” said Peter Greenspan, Global Head of Real Estate at WeWork. “We are grateful to our landlords for their collaboration, and remain committed to finding solutions at as many buildings as possible while charting a strong path forward for WeWork’s operations.”
WeWork has made significant progress in its portfolio optimization, reaching a final path forward at 90% of buildings around the world and reducing its total future rent commitments by over $8 billion, or more than 40%.* Through this process, WeWork has enhanced its ability to deliver best-in-class services, products and spaces to its members for the long-term.
Learn more about today’s lease assumptions.
STATEMENTS REGARDING LEASE ASSUMPTIONS
Terminus 100:
“WeWork Terminus 100 is known in our portfolio as a location full of innovation and opportunity, just like the city of Atlanta. We’re grateful to Cousins Properties for their collaboration and look forward to deepening our partnership in this next chapter,” said Whitney Anderson, Senior Director of Real Estate at WeWork.
“We are pleased to reach a mutually beneficial agreement with WeWork that continues our relationship and positions this property for long-term success,” said Cousins Properties.
1100 Ludlow Street:
“WeWork’s sought-after workspace at 1100 Ludlow Street has supported growing businesses, fostered community among local entrepreneurs and helped companies find new roots in Philadelphia,” said National Real Estate Advisors. “We know that WeWork is the right partner for our property and look forward to their continued success.”
“With new momentum in Philadelphia’s return to office and increasing demand for our flexible workspaces, we’re confident in continuing our operations at 1100 Ludlow Street,” said WeWork. “We appreciate National Real Estate Advisors’ ongoing support and look forward to remaining part of the Philadelphia community for many years to come.”
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.
*Estimated based on a combination of executed agreements, exits and agreements in principle across wholly-owned portfolio.
