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New York, NY – May 9, 2024 – WeWork, the leading global flexible space provider, announced today that it has completed its lease negotiations as part of its strategic restructuring in Atlanta and Philadelphia. In these cities, WeWork will move forward with an enhanced real estate footprint that includes the company\u2019s strongest and most popular locations where it plans to operate for the future. <\/p>\n\n\n\n
\u201cWe\u2019re thrilled to affirm our commitment to operating in Atlanta and Philadelphia and are immensely grateful to our landlords for their collaboration and partnership over the past few months. Together, we\u2019re more confident than ever in WeWork\u2019s future at their properties,\u201d said Peter Greenspan, Global Head of Real Estate at WeWork. \u201cWith improved operational efficiency, WeWork\u2019s portfolio in these markets is better positioned to deliver the flexibility, services and experience that today\u2019s workers and businesses want. We thank members for their patience and understanding throughout this process, and look forward to remaining their trusted real estate partner for many years to come.\u201d<\/p>\n\n\n\n
Globally, WeWork has made substantial progress in its ongoing strategic restructuring. WeWork has determined a path forward at over 95% of its global, wholly-owned lease portfolio, and according to the current business plan, is projected to reduce total rent commitments by over $11 billion. With these critical components of its strategic restructuring addressed, the company is better positioned to invest in its products, services, and best-in-class member experience. <\/p>\n\n\n\n
WeWork intends to continue actioning its go-forward plan in Atlanta and Philadelphia over the coming weeks, as current agreements in principle become final through court proceedings. This includes formal filings of lease assumptions and rejections, for which any impacted members have received previous notification. <\/p>\n\n\n\n
WeWork remains committed to emerging from its restructuring by the end of May as a continuing leader in the flexible workplace industry, operating over 24 million square feet of real estate across over 330 locations in over 20 countries around the world. Today\u2019s announcement follows the completion of WeWork\u2019s lease rationalization process in cities such as Detroit, Las Vegas, Paris, Singapore, and many more expected in the near future.\u00a0<\/p>\n\n\n\n