WeWork completes lease negotiations with Singapore landlords, targets May 31 to emerge from bankruptcy
In Singapore, this rationalisation exercise did not see the co-working operator prematurely finish any one of its workplace leases, and the firm claims that it intends to continue to be in its present buildings in the city-state for the foreseeable future. WeWork runs 14 locations in Singapore, and its largest area is the 21-storey, Grade-A building at 21 Collyer Quay which is leased from CapitaLand Integrated Commercial Trust.
The company commenced a worldwide realty rationalisation process in September last year, just before the business filed for bankruptcy in the US two months later in November 2023. “The rebuilding efforts we have completed position WeWork as the primary realty partner to property owners and members for the long-term,” states Claudio Hidalgo, WeWork’s COO.
Global flexible office service provider WeWork has announced that it has indeed ended a series of lease contract agreements with its Singapore business property owners. This completes the real estate rationalisation exercise of its Singapore portfolio that initiated last September.
” Singapore has far-off been a core for global corporations that are take advantage of our system to sustain their expansions, as well as fast-moving SMEs and startups that use our local network to balance their tasks,” mentions Balder Tol, general manager, Australia & Southeast Asia, WeWork.
Hidalgo includes: “Singapore has actually been, and are going to still be, a top priority market for WeWork, and we are delighted to commit further down the road of service through our goods and member experience.”
In other major markets, WeWork states that it has made “substantial” improvement in its continuous economic rebuilding in the United States and Canada, and has already finished lease contract negotiations on 90% of its worldwide property portfolio. The firm has aim for May 31 to come out from bankruptcy protection.
