New York, NY – May 6, 2024 – Today, WeWork, the leading global flexible space provider, announced the assumption of sixteen leases. These assumptions, which are subject to court approval, showcase WeWork’s progress in creating a more sustainable real estate portfolio to better invest in its offerings for the future.
Under revised agreements that are mutually-beneficial to WeWork and its landlords, WeWork is assuming the following locations:
- 33 Arch Street
- 222 South Riverside Plaza
- 1150 South Olive Street
- 2015 Main Street
- 3001 Bishop Drive
- 700 K Street Northwest
- 729 North Washington Avenue
- 750 Lexington Avenue
- Canyon 28
- Innovation Pointe
- lightwell – (Announcement)
- One South Dearborn
- Pacific Design Center Red Building
- Summit II
- Triangle Building
Under the existing agreement terms, the Company is also assuming its lease at 501 Boylston Street.
WeWork has charted a strong path forward for its future operations through its strategic restructuring. Last week, the Company announced a $450 million investment, which is subject to court approval, 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 95% of its global, wholly-owned lease portfolio and completed its lease rationalization process in eight U.S. markets.
Learn more about today’s lease assumptions.
STATEMENTS REGARDING LEASE ASSUMPTIONS
33 Arch Street and 501 Boylston Street:
“Building on Nuveen’s long-standing relationship with WeWork, we are excited to promote our partnership by finalizing agreements at both 33 Arch Street and 501 Boylston Street in Boston. Post-bankruptcy, we believe WeWork will be in a solid position to continue capturing demand for flexible work options and continue being an industry leader in building innovative and collaborative workspaces. We aim to harness that success in creating the best experience for our tenants while maximizing returns for Nuveen stakeholders,” said Dave Dyer, Director of Workplace, Retail and Mixed Use at Nuveen.
“Boston is a priority market for WeWork. With thousands of fast-growing startups and a thriving tech scene, we continue to believe in the immense value co-working and flexible office space can bring to local businesses,” said Kate Harper, VP of Global Real Estate at WeWork. “33 Arch and 501 Boylston are staple buildings in our Boston portfolio. We thank Nuveen for their collaboration and partnership over the past few months as we worked to identify terms that best enable us both to continue delivering exceptional working experience in the city.”
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.
