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WeWork completes lease negotiations with Singapore landlords, targets May 31 to emerge from bankruptcy

/ EdgeProp Singapore |

April 3, 2024 2:28 PM SGT

WeWork operates 14 locations in Singapore, and its largest space is the 21-storey, Grade-A building at 21 Collyer Quay. (Picture: Samuel Isaac Chua/The Edge Singapore)

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Global flexible workspace provider WeWork has announced that it has concluded a series of lease negotiations with its Singapore office landlords. This wraps up the real estate rationalisation exercise of its Singapore portfolio that started last September.

The company embarked on a global real estate rationalisation process in September last year, just before the company filed for bankruptcy in the US two months later in November 2023. “The restructuring efforts we have completed position WeWork as the leading real estate partner to landlords and members for the long term,” says Claudio Hidalgo, WeWork’s COO.

In Singapore, this rationalisation exercise did not see the co-working operator prematurely end any of its office leases, and the company says that it plans to remain in its current buildings in the city-state for the foreseeable future. WeWork operates 14 locations in Singapore, and its largest space is the 21-storey, Grade-A building at 21 Collyer Quay which is leased from CapitaLand Integrated Commercial Trust.

Read also: WeWork goes bankrupt, capping co-working company’s downfall

“Singapore has long been a hub for multinational corporations that are leveraging our network to support their expansions, as well as fast-moving SMEs and start-ups that tap into our regional network to scale their operations,” says Balder Tol, general manager, Australia & Southeast Asia, WeWork.

Hidalgo adds: “Singapore has been, and will continue to be, a priority market for WeWork, and we are excited to invest further in the future of work through our products and member experience.”

In other key markets, WeWork says that it has made “substantial” progress in its ongoing financial restructuring in the US and Canada, and has completed lease negotiations on 90% of its global real estate portfolio. The company has targeted May 31 to emerge from bankruptcy protection.

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