New York, NY – April 8, 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, are the latest evidence of the Company’s collaborative landlord negotiations and progress in its strategic restructuring.
Three of today’s lease assumptions are for buildings where WeWork has reached amended agreements with its landlords and located at 100 University Avenue in Toronto, Town Square in Las Vegas and 368 9th Avenue in New York City. The Company is also assuming its existing leases in Detroit, located at 1001 Woodward Avenue and 19 Clifford Street. With these agreements, WeWork is poised for successful and sustainable operations at each of these buildings for many years to come.
Since September, WeWork has achieved significant progress in its lease negotiations and reached a final path forward at 90% of its global portfolio. Through amending leases, striking alternative agreements and exiting underperforming locations, the Company has reduced its total future rent commitments by $8 billion, or more than 40%.* These efforts position WeWork to emerge from its strategic restructuring as a financially strong company positioned for long term success.
Learn more about today’s lease assumptions.
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.
