Singapore – April 3, 2024 – WeWork, the leading global flexible space provider, announced today it has completed its lease negotiations and real estate rationalization process in Singapore. This landmark moment showcases the continued momentum in WeWork’s global restructuring, a process it started in September 2023.
WeWork continues with its real estate footprint in Singapore comprising strong locations that deliver the best member experience, as well as providing the company with profitable operating margins and sustainable financial performance. WeWork plans to remain in its current buildings in Singapore for the foreseeable future, and is focused on investing in the products and services that its members value the most.
“The restructuring efforts we have completed position WeWork as the leading real estate partner to landlords and members for the long term,” said Claudio Hidalgo, COO. “We are extremely grateful to our landlord partners in Singapore for their collaboration over the past few months, as well as our incredible members for their continued support and loyalty. Singapore has been, and will continue to be, a priority market for WeWork and we are excited to invest further in the future of work through our products and member experience.”
Globally, WeWork has made substantial progress in its ongoing financial restructuring in the U.S. and Canada. The Company recently announced it has completed negotiations at 90% of its lease portfolio, which, when fully complete, will further strengthen member offerings around the world. WeWork has targeted May 31 to emerge from Chapter 11.
“Singapore has long been a hub for multinational corporations that are leveraging our network to support their expansions, as well as fast-moving SMEs and startups that tap into our regional network to scale their operations,” added Balder Tol, General Manager, Australia & South East Asia. “Community and member engagement has always been and continues to be an anchor of the WeWork experience. Our member experience in Singapore will remain a top priority in 2024 as we continue to be more intuitive with our best-in-class spaces, hospitality, and technology for our members.”
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.
