WeWork completes lease negotiations with Singapore landlords, targets May 31 to emerge from bankruptcy
Global flexible workspace service provider WeWork has declared that it has indeed closed out a series of lease contract arrangements with its Singapore office landlords. This finishes up the real estate rationalisation exercise of its Singapore account that started past September.
Hidalgo adds in: “Singapore has actually been, and will remain to be, a top priority market for WeWork, and we are thrilled to spend better later on of service through our products and member experience.”
In many other key markets, WeWork claims that it has actually made “significant” improvement in its ongoing economic rebuilding in the United States and Canada, and has finished lease contract negotiations on 90% of its overseas real estate account. The company has aim for May 31 to emerge from case of bankruptcy cover.
In Singapore, this rationalisation exercise did not see the co-working operator prematurely end any of its office contract, and the firm states that it prepares to stay in its current buildings in the city-state for the foreseeable future. WeWork manages 14 locations in Singapore, and its biggest area is the 21-storey, Grade-An establishment at 21 Collyer Quay that is leased from CapitaLand Integrated Commercial Trust.
” Singapore has long been a hub for international companies that are leveraging our network to support their expansions, along with fast-moving SMEs and start-ups that tap into our local network to scale their tasks,” says Balder Tol, general supervisor, Australia & Southeast Asia, WeWork.
The business started an international property rationalisation approach in September last year, just before the business filed for case of bankruptcy in the United States 2 months after in November 2023. “The restructuring efforts we have completed stand WeWork as the top property associate to landlords and members for the long-term,” says Claudio Hidalgo, WeWork’s COO.
