WeWork completes lease negotiations with Singapore landlords, targets May 31 to emerge from bankruptcy
In Singapore, this rationalisation exercise did not see the co-working operator prematurely end any of its workplace lease contract, and the firm claims that it plans to continue to be in its present buildings in the city-state for the near future. WeWork manages 14 areas in Singapore, and its largest area is the 21-storey, Grade-A building at 21 Collyer Quay which is leased from CapitaLand Integrated Commercial Trust.
The company commenced an international property rationalisation process in September last year, just before the firm filed for bankruptcy in the United States two months later in November 2023. “The rebuilding efforts we have completed position WeWork as the primary realty associate to property managers and members for the long-term,” says Claudio Hidalgo, WeWork’s COO.
Global versatile workspace service provider WeWork has already publicized that it has closed out a series of lease arrangements with its Singapore office property managers. This concludes the real estate rationalisation exercise of its Singapore account that began last September.
” Singapore has far-off been a hub for international corporations that are take advantage of our network to uphold their expansions, as well as fast-moving SMEs and start-ups that tap into our regional network to regulate their tasks,” says Balder Tol, general manager, Australia & Southeast Asia, WeWork.
Hidalgo adds: “Singapore has actually been, and will definitely still be, a priority market for WeWork, and we are thrilled to commit better in the future of service through our goods and member experience.”
In other main industry, WeWork says that it has made “significant” improvement in its ongoing economic restructuring in the United States and Canada, and has completed contract settlements on 90% of its worldwide property account. The firm has targeted May 31 to come out from case of bankruptcy protection.
