WeWork has exited several leases across Manhattan including locations in Midtown, the Meatpacking District, and Soho. CEO Sandeep Mathrani told Reuters that WeWork is “completely on track” to turn a profit by the year’s end.
WeWork’s board is in discussion regarding an offering to go public via a special purpose acquisition company (SPAC) which is designed to take companies public without going through the traditional IPO process. Given the history of WeWork, we are not surprised. This deal values the firm at $10 billion.
WeWork will benefit from increased demand in flexible office space—the anticipated methodology that companies will lease office space in the future.
Contact GE Grace at 646 312 6800 or email Grace@GeGrace.com to see what flexible space is available.