WeWork is closing its corporate headquarters and one of its largest locations as it approaches the endgame of its bankruptcy proceedings. WeWork occupies more than 300K SF across 20 floors at Tower 49 in Midtown Manhattan, owned by Kato International. Besides its corporate headquarters, the building at 12 E. 49th St. has a coworking space with 2,800 members, according to a Friday filing by the company.
In a Monday filing in WeWork`s Chapter 11 bankruptcy case, the company`s attorneys notified the court it intends to reject the lease — one of the largest in the company`s portfolio — on May 31.
“Our intention is to stay in as many buildings as possible under economic terms that position all parties for a sustainable future...
RSK: I`d sure like to know the terms of that lease that were not suitable to WeWork.....what a saga...maybe time to euthanize the Company.
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- - Volume: 24 - WEEK: 18 Date: 4/30/2024 2:45:54 PM -