{"id":3000074128,"date":"2024-04-15T16:15:17","date_gmt":"2024-04-15T20:15:17","guid":{"rendered":"https:\/\/www.wework.com\/ideas\/?post_type=news&p=3000074128"},"modified":"2024-08-22T05:21:28","modified_gmt":"2024-08-22T09:21:28","slug":"wework-confirms-five-lease-assumptions-in-the-united-states-and-canada","status":"publish","type":"news","link":"https:\/\/www.wework.com\/ideas\/newsroom-landing-page\/wework-confirms-five-lease-assumptions-in-the-united-states-and-canada","title":{"rendered":"WeWork Confirms Five Lease Assumptions in the United States and Canada"},"content":{"rendered":"\n

<\/p>\n\n\n\n

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\u2019s momentum in its strategic restructuring. <\/p>\n\n\n\n

Four of today\u2019s lease assumptions are for buildings where WeWork has worked collaboratively with its landlords to achieve new lease terms and are located at Terminus 100<\/a> in Atlanta, 5161 Lankershim Boulevard<\/a> in Los Angeles, Marine Gateway<\/a> in Vancouver and 240 Richmond Street<\/a> in Toronto. The other lease assumption is for 1100 Ludlow Street<\/a> 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.<\/p>\n\n\n\n

\u201cSpanning from the vibrant West Coast of Canada to the dynamic Southeast of the United States, these agreements reflect our progress in optimizing WeWork\u2019s global lease portfolio and commitment to these key markets,\u201d said Peter Greenspan, Global Head of Real Estate at WeWork. \u201cWe 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\u2019s operations.\u201d<\/p>\n\n\n\n

WeWork has made significant progress<\/a> 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.<\/p>\n\n\n\n

Learn more about today\u2019s lease assumptions.<\/a><\/p>\n\n\n\n

STATEMENTS REGARDING LEASE ASSUMPTIONS <\/strong><\/p>\n\n\n\n

Terminus 100:<\/em><\/p>\n\n\n\n

\u201cWeWork Terminus 100 is known in our portfolio as a location full of innovation and opportunity, just like the city of Atlanta. We\u2019re grateful to Cousins Properties for their collaboration and look forward to deepening our partnership in this next chapter,\u201d said Whitney Anderson, Senior Director of Real Estate at WeWork.<\/p>\n\n\n\n

\u201cWe are pleased to reach a mutually beneficial agreement with WeWork that continues our relationship and positions this property for long-term success,\u201d said Cousins Properties.<\/p>\n\n\n\n

1100 Ludlow Street:<\/em><\/p>\n\n\n\n

\u201cWeWork\u2019s sought-after workspace at 1100 Ludlow Street has supported growing businesses, fostered community among local entrepreneurs and helped companies find new roots in Philadelphia,\u201d said National Real Estate Advisors. \u201cWe know that WeWork is the right partner for our property and look forward to their continued success.\u201d <\/p>\n\n\n\n

\u201cWith new momentum in Philadelphia\u2019s return to office and increasing demand for our flexible workspaces, we\u2019re confident in continuing our operations at 1100 Ludlow Street,\u201d said WeWork. \u201cWe appreciate National Real Estate Advisors\u2019 ongoing support and look forward to remaining part of the Philadelphia community for many years to come.\u201d<\/p>\n\n\n\n

About WeWork<\/strong><\/p>\n\n\n\n

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\u2019ve 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<\/a>.<\/p>\n\n\n\n

*Estimated based on a combination of executed agreements, exits and agreements in principle across wholly-owned portfolio.<\/p>\n","protected":false},"author":883,"featured_media":3000074131,"parent":0,"template":"","meta":{"_acf_changed":false,"footnotes":""},"news_tag":[43924],"class_list":["post-3000074128","news","type-news","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nWeWork Confirms Five Lease Assumptions in the United States and Canada - WeWork Newsroom<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wework.com\/ideas\/newsroom-landing-page\/wework-confirms-five-lease-assumptions-in-the-united-states-and-canada\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WeWork Confirms Five Lease Assumptions in the United States and Canada\" \/>\n<meta property=\"og:description\" content=\"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. 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