WeWork Inc. is set to acquire five additional leases in the Seattle area, adding to its previously announced lease agreements in the region. This development comes as WeWork announces plans to assume a total of 89 leases across the United States and Canada.
The ten new leases secured by WeWork will provide over 500,000 square feet of office space in Seattle. With more than 170 locations expected upon emergence from bankruptcy, the company projects a reduction of over $11 billion in total rent commitments across its U.S and Canadian portfolio.
Currently operating at over 97% capacity globally, WeWork has determined a clear path forward for its global portfolio and is poised for significant cost savings with projected reductions exceeding $11 billion upon emergence from bankruptcy.
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