WeWork : Successfully Completes Lease Negotiations and Real Estate Rationalization in Southeast Asia

Southeast Asia - May 20, 2024 - WeWork, the leading global flexible space provider, announced today it has completed its lease negotiations as part of its strategic restructuring in Southeast Asia. WeWork will move forward in the region with an enhanced real estate footprint that includes the company's strongest and most popular locations where it plans to operate for the future.

These locations, which span Singapore, Kuala Lumpur, Bangkok, Ho Chi Minh City, Jakarta and Manila, deliver the best member experience, as well as provide the company with sustainable financial performance. WeWork plans to remain in its current buildings in all six markets, and is focused on investing in the products and services that its members value the most.

"We're pleased to have completed our portfolio optimization in Southeast Asia, cementing our position as the leading real estate partner to landlords and our members well into the future," said Claudio Hidalgo, COO. "We are extremely grateful to our landlords for their partnership over the past few months, as well as our members for their support and loyalty as we navigated through this process. We're excited to continue delivering - and bolstering - our first-rate member experience through continued innovation and investment."

In addition to these markets, WeWork Japan G.K. recently completed the sale of its operations to a subsidiary of SoftBank. SoftBank will continue to operate the Japanese locations under the WeWork brand and as a WeWork franchisee.

Globally, WeWork has made substantial progress in its ongoing strategic restructuring. WeWork has determined a path forward at over 97% of its wholly-owned lease portfolio, and according to the current business plan, is projected to reduce total rent commitments by over $11 billion, or half of the company's beginning total commitments. With these critical components of its strategic restructuring addressed, the company is better positioned to invest in its products, services, and best-in-class member experience.

"A dynamic and fast growing business hub, Southeast Asia has become a destination for entrepreneurs, SMBs and global enterprises seeking to establish their presence in the Asia-Pacific region and expand their operations" added Balder Tol, General Manager, Australia & Southeast Asia. "As we celebrate this landmark milestone, I want to extend my gratitude to our members across the market for their unwavering loyalty and partnership over the last few months. We remain laser-focused on providing them with an unmatched experience, as we continue to invest in our spaces, product offerings and services to help them do their best work."

About WeWork

WeWork was founded in 2010 with the vision to create environments where people and companies come together and do their best work. Since then, we've become a leading global flexible space provider committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences. For more information about WeWork, please visit us at wework.com.