WeWork is expanding its presence in the U.S. and Canada with plans to take on an additional 89 leases. This includes eight leases in downtown Chicago, with five newly announced locations.
As part of its efforts to emerge from Chapter 11 bankruptcy, WeWork will be closing one of its Fulton Market District spaces at 220 N. Green Street and handing it over to Chicago-based startup Workbox. Meanwhile, competitor IWG has also revealed plans for seven new flexible workspaces in the area, adding onto their recent opening of 35 locations throughout Illinois.
In addition to these closures and expansions, WeWork had previously shut down two other Chicago sites at 332 S. Michigan Avenue and W Kinzie Street as part of a larger plan that includes taking on a total of 77 leases across the country upon emergence from bankruptcy proceedings. The company expects to operate over170 locations across North America after this process is complete.
Accordingly, WeWork has already determined solutions for more than97%of their global portfolio while reducing rent commitments by $11 billion overall.This progress will be highlighted during Connect Midwest: Multifamily,Affordable Student & Senior Housing Trends event on June4th2024attheW-Chicago City Center Hotel.Register todayto join your peersand attendtheLifetime Achievement Award Presentationand Keynote Interview featuring G.Joseph Cosenza,Vice ChairmanofThe Inland Real Estate Group LLC,and PresidentofInland Real Estate Acquisitions LLCinChicago,Illinois.Don’t miss out!
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