WeWork, the global flexible office space provider, has successfully concluded lease negotiations with its Singapore landlords, marking the completion of its real estate rationalization efforts in the city-state. This initiative began in September last year, shortly before the company filed for bankruptcy protection in the United States in November 2023.
“WeWork’s restructuring efforts have positioned us as the premier real estate partner for landlords and members alike, ensuring our long-term stability,” said Claudio Hidalgo, WeWork’s Chief Operating Officer.
Across other key markets, WeWork reports significant progress in its ongoing financial restructuring in the United States and Canada. The company has renegotiated leases on 90% of its global property portfolio and is targeting May 31 as the date to emerge from bankruptcy protection.
“Singapore has long been a crucial hub for international companies leveraging our network to support their expansion, as well as for dynamic SMEs and startups using our local presence to optimize their operations,” stated Balder Tol, WeWork’s General Manager for Australia & Southeast Asia.
In Singapore, WeWork’s real estate rationalization did not involve the early termination of any office space leases. The company plans to maintain its presence in its current locations across the city-state for the foreseeable future. WeWork currently operates 14 locations in Singapore, with its largest site being the 21-story, Grade-A building at 21 Collyer Quay, leased from CapitaLand Integrated Commercial Trust.
“Singapore remains a priority market for WeWork, and we are excited to continue investing in the future of work through our products and member experiences,” Hidalgo added.