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

Global flexible work area service provider WeWork has recently declared that it has indeed concluded a set of contract agreements with its Singapore office property owners. This completes the realty rationalisation exercise of its Singapore profile that initiated last September.

The company commenced an international realty rationalisation method in September last year, right before the firm applied for bankruptcy in the United States two months after in November 2023. “The rebuilding efforts we have completed stand WeWork as the top realty partner to landlords and members for the long term,” says Claudio Hidalgo, WeWork’s COO.

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” Singapore has actually long been a core for international companies that are leveraging our network to sustain their growths, along with fast-moving SMEs and startups that tap into our regional network to balance their operations,” mentions Balder Tol, general manager, Australia & Southeast Asia, WeWork.

In Singapore, this rationalisation activity did not see the co-working operator prematurely conclude any of its office leases, and the firm states that it prepares to remain in its existing structures in the city-state for the near future. WeWork runs 14 sites in Singapore, and its largest room is the 21-storey, Grade-A building at 21 Collyer Quay which is contracted from CapitaLand Integrated Commercial Trust.

Hidalgo adds in: “Singapore has been, and will definitely still be, a top priority market for WeWork, and we are thrilled to invest even more in the future of service through our products and member experience.”

In other main industry, WeWork says that it has actually made “significant” development in its ongoing monetary restructuring in the US and Canada, and has already finished lease contract settlements on 90% of its worldwide property profile. The service company has aim for May 31 to emerge from case of bankruptcy protection.

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