London, United Kingdom – 5 June, 2024 – WeWork, the leading global flexible space provider, announced today that it has completed its lease negotiations as part of its strategic restructuring in the UK and Ireland. This landmark moment, comprising operations in London, Cambridge, Edinburgh, Birmingham, Manchester and Dublin, underscores WeWork’s commitment to delivering an outstanding workspace environment and best-in-class service to its members in the UK and Ireland, following the process which began in September 2023.
With an enhanced real estate footprint made up of the Company’s strongest and most popular locations across all six cities, WeWork is now focused on its go-forward plan, investing in its products and services to provide an exceptional member experience for the long term. WeWork continues to see positive return to office trends in the UK and Ireland.
“We are delighted to have finalized our portfolio optimization in the UK and Ireland. Our updated footprint is made up of our highest quality and best-performing locations in the market.” said Ben Samuels, Chief Revenue Officer at WeWork. “On behalf of the entire WeWork team, I want to express my gratitude to our members and landlord partners for their steadfast support and loyalty during this period. As we look to the future, WeWork is better positioned to continue defining the future of flexible work, and we’re committed to investing in our spaces and services to deliver the signature experience our members expect well into the future.”
This April, WeWork saw total footfall by occupied desks increase by 25%* year over year across the UK and Ireland. All Access bookings also increased by 34%* in London, and 51%* in Dublin in the same time period.
“Over the past nine months, we’ve been intensely focused on improving our balance sheet and optimizing our real estate portfolio to achieve sustainable economic terms. We’re thrilled to have concluded our negotiations in the UK and Ireland, a key market for us.” says Peter Greenspan, Global Head of Real Estate, WeWork. “This milestone would not have been possible without the support of our landlord partners, to whom we are deeply grateful. Their partnership, along with our enhanced operational efficiency and continued dedication to our members, paves the way for a bright future ahead of us. As demand for flexible workspace continues, WeWork is poised to provide companies of all sizes with the space, offerings and flexibility they need to thrive in this new era.”
Globally, WeWork has finalized its extensive portfolio rationalization process and completed its restructuring in the US and Canada. The company successfully amended over 170 office leases and exited 160 locations, reducing future rent costs by a projected $12 billion, over half of the beginning rent commitments. WeWork continues to be one of the largest flexible office space providers, operating a system of approximately 45 million square feet in approximately 600 locations in 37 countries and 120 cities. The company expects to emerge from Chapter 11 mid-June substantially debt free and better positioned to invest in its products, services, and best-in-class member experience.
*As of April, 30 2024
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.
