New York, NY – April 22, 2024 – Today, WeWork, a leading global flexible space provider, announced five new lease assumptions throughout the United States. These assumptions, which are subject to court approval, affirm the Company’s progress as it nears the final stages of its strategic restructuring.
WeWork has worked constructively with its landlords to reach new, mutually-beneficial terms at all of the buildings being assumed today, including 77 Sands Street in New York City (Announcement), 1448 Northwest Market Street in Seattle, 448 North LaSalle Street in Chicago, 600 California Street in San Francisco and 2201 Broadway in Oakland.
“Today’s assumptions highlight our commitment to maintaining a strong presence in economic hubs across the country,” said Peter Greenspan, Global Head of Real Estate at WeWork. “At WeWork, providing members with modern workspaces to enable their best work is our top priority. We appreciate our landlords’ commitment to reaching constructive solutions and together, we have a clear picture of WeWork’s next chapter.”
Thus far, WeWork has reduced its total future rent commitments by over $8 billion, or more than 40%*, and has reached a path forward at 90% of its buildings globally. These efforts support the Company’s objective of creating a sustainable and profitable business designed for a successful future.
Learn more about today’s lease assumptions.
STATEMENTS REGARDING LEASE ASSUMPTIONS
1448 Northwest Market Street:
“For years, WeWork has created a dynamic office environment within the 15th and Market building. We are pleased to have reached an agreement with WeWork in order to continue our long-standing and collaborative partnership into the future. As Seattle workers come back to the office, we look forward to this next chapter with WeWork and jointly creating exceptional office offerings for Seattle’s best businesses,” said Peter Parker, President and COO of Martin Selig Real Estate.
“1448 NW Market Street is one of our most popular Seattle locations known by our members for its high quality experience and proximity to a vibrant restaurant and retail ecosystem. As our sole location in Ballard, it has recently seen an increase in demand from hybrid workers who are looking for workplaces closer to their homes,” said Peter Greenspan, Global Head of Real Estate at WeWork. “We are grateful for Martin Selig Real Estate’s collaboration on this new agreement, and we are excited to continue providing our Seattle members with best-in-class workspaces and solutions at this location.”
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.
