WeWork plans to hold onto five more of its co-working spaces — bringing the total to 10 — in the Seattle area as part of its effort to renegotiate leases worldwide during its bankruptcy-related restructuring.
- WeWork said Monday that it would assume leases at locations in Seattle at Holyoke Building, Hawk Tower, and 1201 3rd Ave, and in Bellevue, Wash., at Bellevue Place and Lincoln Square. A “lease assumption,” as it’s known in commercial real estate, involves negotiating with a landlord and filing a court motion.
- WeWork previously announced plans to hold onto locations in Seattle at 1448 NW Market St.; 1600 7th Ave.; 1099 Stewart St.; and 3120 139th Ave. SE and 10885 NE 4th St. in Bellevue.
- The company, which filed for Chapter 11 bankruptcy last fall, said it has determined a path forward at over 97% of its global, wholly-owned lease portfolio, reducing total rent commitments by over $11 billion.
