WeWork Moving Headquarters To Union Square During Final Days Of Bankruptcy
WeWork has found a location for its new headquarters as it approaches the end of its Chapter 11 restructuring process.
WeWork is moving its corporate operations to 18 W. 18th St., a source with knowledge of the move told Bisnow.
The now-bankrupt coworking firm signed a roughly 167K SF lease at the 11-story building in 2018, occupying the entire office portion. WeWork committed to keeping the office in March, reaching a deal with the landlord to reduce its rent, the size of its space, length of its lease and guaranty at 18 West 18th, according to court filings.
A WeWork spokesperson declined to comment. The Schaffer family, which owns the building through its 17-18 Management Company LLC affiliate, didn't respond to Bisnow’s request for comment.
WeWork’s corporate headquarters has been housed at Tower 49 at 12 E. 49th St. in Midtown Manhattan. The company's lease at the building also covered one of its largest coworking locations, with 300K SF and 2,800 members.
Last month, WeWork notified the court that it would be rejecting its Tower 49 lease on May 31, Bisnow first reported.
Also last month, WeWork unveiled its plan to exit bankruptcy, under which property management software provider Yardi Systems would become its majority owner. The plan is expected to be decided at a hearing scheduled for May 30, meaning WeWork could emerge from bankruptcy in the coming days.
When WeWork does exit bankruptcy, it will look quite different from the titan it once was. Previous court filings revealed WeWork expects to be less than half the size it was at its pre-pandemic peak.
