WeWork and its landlord Almacantar have reached a settlement in a High Court battle over the co-working group's flagship 290,000-square-foot office in London.
WeWork said it is fully committed to its flagship 290,000-square-foot London office after the High Court dismissed one of two legal moves by landlord Almacantar to evict it.
A coworking operator is taking advantage of its industry's consolidation by filling a vacancy left by beleaguered competitor WeWork to open its first location in Seattle.
Helical has continued its process of speedily filling space formerly occupied by coworking group WeWork at its The Bower development in London, following a dispute over non-payment of rent.
WeWork, the global flexible office space provider that filed for bankruptcy protection in the United States last month, said November was its strongest for bookings in London with 10 York Road in Waterloo topping its list worldwide.
Blackstone and Brockton Capital's The Office Group flexible offices platform has rebranded as Fora and, with the ongoing reduction of rival WeWork's portfolio, is now comfortably central London's largest operator by locations under one brand.
WeWork, the global coworking group that filed for bankruptcy protection in the United States this week, is often referred to as a "trailblazer" for the sector. But the term is more appropriate for Mark Dixon, the chief executive of the IWG group of companies.
WeWork's turnaround plan assumed it would exit 163 global locations including 43 outside the United States and Canada in the run-up to the flexible office space provider's bankruptcy filing this week.
WeWork, the under-pressure US flexible offices giant seeking rent cuts across its global portfolio, briefly moved its occupiers at The Bower in London's Old Street to alternative accommodation last Friday before finalising an 11th-hour agreement to stay with landlord Helical.
WeWork’s recent declaration that “substantial doubt exists" about its ability to continue as a going concern threatens to further pummel a U.S. office market already struggling with high vacancy and falling valuations.
Landlords and tenants at millions of square feet of space operated by WeWork across the globe will be reviewing worst-case scenarios after the coworking giant warned "substantial doubt exists" about its ability to continue as a going concern.
WeWork, the global flexible space provider, has secured Multiverse, the UK tech "unicorn" which trains entrepreneurs via professional apprenticeships, for its London headquarters at 2 Eastbourne Terrace in Paddington.
WeWork, the global coworking space provider, has received a non-compliance notice from the New York Stock Exchange as its share price has refused to budge above $1 a share for 30 trading days.
The chief executive officer of WeWork issued a rallying call to shareholders for support and continued patience, saying this is his company's "moment" and that the global office market is increasingly in need of its flexible spaces.