WeWork Inc.

04/09/2024 | Press release | Distributed by Public on 04/08/2024 22:26

WeWork Renews Commitment to Detroit with Two Lease Assumptions

New York, NY - April 8, 2024 - Today, WeWork announced it will assume both of its Detroit leases and continue operating in its 19 Clifford Street and 1001 Woodward Avenue locations. These assumptions, which are subject to court approval and include no amendments, signify that no changes will be made to the Company's real estate portfolio in the market as part of the company's restructuring. With this news, WeWork members will be able to continue working from these beautiful locations with best-in-class services.

"Since WeWork came to Detroit in 2017, its workspaces at 1001 Woodward Avenue and 19 Clifford Street have become an important part of the city's professional community, and our properties. As office spaces change, WeWork will continue to offer new and creative solutions to people in Detroit," said Naumann Idrees, Senior Vice President of Leasing at Bedrock.

"We've seen strong demand from both enterprise companies and small businesses at our downtown Detroit locations due to their central location, buzzing community and premium building quality," said Peter Greenspan, Global Head of Real Estate at WeWork. "Bedrock has been a strong partner since we entered the market and we're confident that together, we can continue to deliver exceptional flexible workspaces and services for local businesses in Detroit."

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.

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.