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Five years after driving WeWork into the ground, co-founder and ousted CEO Adam Neumann has now hatched a plan to buy it out of bankruptcy. In a letter to WeWork’s advisers obtained by The New York Times, Neumann and his new real estate business, Flow Global, express interest in buying the co-working space solution — but claim WeWork has been ignoring attempts to get more information so they can come up with a bid. — The Verge
WeWork, meanwhile, is beginning to walk away from even more properties under the direction of new CEO David Tolley after announcing an initial list of 40 that would be relinquished in November. Neumann had cited outside scrutiny as his main reason for leaving the company in September... View full entry
After officially filing for Chapter 11 bankruptcy protection last week, WeWork has released a subsequent list of 40 “underperforming locations” across New York City that the company hopes to walk away from over the coming months pending court approvals. The news was first made public via the... View full entry
WeWork's tumultuous thirteen-year saga may be coming to an end soon, as now Reuters and the Wall Street Journal have reported on the company’s apparently imminent plans to file for Chapter 11 bankruptcy in New Jersey. The news was first reported by the WSJ early Tuesday, precipitating a dramatic... View full entry
WeWork said Thursday that it was going to close roughly 40 “underperforming” locations in the United States and tempered its revenue forecast for the year, highlighting the challenges the co-working company still faces after its near collapse and subsequent bailout in 2019. — The New York Times
The company reported a pre-pandemic level matching 71% occupancy rate for Q3 but will fall short of previously projected revenue values for the year owing to “lower than expected” growth in the U.S., Canada, and Japan. Its own S9-designed Dock 72 corporate offices in Brooklyn were also reduced... View full entry
WeWork co-founder Adam Neumann is once again making waves with the announcement of a new startup called Flow that’s being funded by early Airbnb investors Andreessen Horowitz and is promoting itself as a real estate startup that aims to revolutionize the residential housing industry. The... View full entry
Before the Covid-19 pandemic forced most office workers to indefinitely take their work home, the New York-based WeWork had a dramatic rise and fall. With a widely-reported, botched IPO in 2019, the office space company’s ascent was emblematic of an unprecedented alliance between data, finance... View full entry
Some members have signed a petition on the worker advocacy platform Coworker.org calling on WeWork to close its 848 locations worldwide. There are more than 300 locations in the United States.
Jill Raney, a Washington-based WeWork member who launched the petition, says the company’s decision to remain open during a public health crisis is “unconscionable.” They said it effectively forces businesses with small margins to choose between wasting money or putting themselves at risk.
— The Washington Post
As the number of coronavirus cases in the U.S. increases rapidly, WeWork has remained open even after some members have tested positive for the virus in at least seven of their New York locations as well as in LA and Chicago, according to The Washington Post. Other members have signed an online... View full entry
Amazon is shelling out $1.15 billion in cash to acquire the former Lord & Taylor flagship in Midtown Manhattan, The Post has learned.
The Fifth Avenue landmark, which spans 11 stories and 660,000 square feet, will serve as Amazon’s New York City headquarters, housing several thousand employees in the coming years.
— The New York Post
According to The Post, the building had been initially been leased by WeWork to become the company's’s own headquarters, but after a series of scandals last fall, the plans fell through. Amazon will pay of $750 million of the remaining construction loan WeWork had obtained to renovate... View full entry
We want our time here to have meant something. We don’t want to be defined by the scandals, the corruption, and the greed exhibited by the company’s leadership. We want to leave behind a legacy that represents the true character and intentions of WeWork employees.
We want those being laid off to be provided fair and reasonable separation terms commensurate with their contributions, including severance pay, continuation of company-paid health insurance and compensation for lost equity.
— WeWorkers Coalition
According to a recently-launched web page, WeWork employees are launching an organizational effort to secure workers rights as the company contemplates laying off thousands in the wake of its high-profile collapse. The group, which refers to itself as the WeWorkers Coalition, writes, "We are... View full entry
With WeWork's corporate fortunes up in the air, the entity's umbrella organization, WeCompany, has begun to shake up its various elements and initiatives around the country. In Seattle, for example, a planned development with Martin Selig Real Estate for a 36-story co-working and co-living... View full entry
What happens to the New York and Chicago commercial-real-estate markets where WeWork was the biggest and the second-biggest tenants? [...] The reverberations here are going to be pretty dramatic. WeWork [...] went to zero in 30 days. That’s more value destruction than the three biggest losers in the S&P 500 lost all year. — New York
An eye-opening interview with NYU Stern School of Business professor and vocal WeWork critic Scott Galloway in New York Magazine raises questions regarding the potential built environment ramifications of WeWork's spectacular collapse. The uncertainty comes as commercial real estate... View full entry
WeWork has made great efforts as to integrating top design strategies and progressive data analytics to develop the most progressive buildings office spaces. Tapping into various elements of design, such as urban planning to design interiors, WeWork prides itself in its hand-selected team of... View full entry
We Company, formerly known as WeWork, has announced plans to launch a smart cities program. Since its founding in 2010, the real-estate empire has collected an enormous amount of data on how people work and live, using that information to shape its more than 600 spaces. As the global coworking... View full entry
There are T-shirts floating around WeWork’s New York City headquarters that say “Buildings equal data.” The nano manifesto hints at a conviction that architecture should be shaped by a methodical study of how people utilize spaces instead of unique aesthetic signatures. More than that, correlating digital information with physical structures is good business—it has quickly become a core strategy for the eight-year-old, $47 billion company racing to expand its footprint globally. — Metropolis
Architects today are very familiar with data and its influence over design, construction, and feasibility. However, what else can data teach us? When you're a massive billion dollar company like WeWork, opportunities for turning data into teachable tools coincides well with the company's... View full entry
The completion of this transaction, which will see us bring new life to the iconic Lord & Taylor building, reflects the evolution of the We Company, the diversification of our real estate strategy and the company’s ongoing transition from an occupier to an operator of space — TheRealDeal
WeCompany, formerly known as WeWork made significant company transitions earlier this year. Now venturing beyond the shared workspace and leasing office business model, the WeCompany closed and confirmed its purchase of the historic Lord and Taylor flagship in January. News of the building... View full entry
