WeWork bankruptcy might jolt several prime Bay Area office properties

0 26

SAN JOSE — The bankruptcy filing by WeWork, the co-working company once valued at $47 billion with locations across the Bay Area, could potentially jolt parts of the region’s office market — especially if it terminates leases as it seeks to reorganize its feeble finances.

The New York-based company, which offered swank and hip office spaces to tech companies, startups and individuals, was hit hard by the pandemic and the move to remote work. WeWork stated in its Chapter 11 bankruptcy filing this week that its debts totaled nearly $18.7 billion while it had assets of about $15.1 billion. The company plans to remain open as it works to renegotiate its leases and debt obligations

Source link

Denial of responsibility! YoursTelecast is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.
Leave A Reply

Your email address will not be published.