WeWork Expects to Retain Lease at Esplanade in Phoenix’s Biltmore Area

Article originally posted on Phoenix Business Journal on May 21, 2024

WeWork Inc. plans to keep its office lease at the Esplanade.

As part of its plans to emerge from bankruptcy by May 31, the New York City-based coworking company said Monday it expects to assume 89 additional leases across the United States and Canada – including at the Esplanade at 2425 E. Camelback Road in Phoenix. Amendments to the lease contract, as well as the cure amount required to erase the default and an assumption date are still to be determined, according to a draft of assumed unexpired leases filed by WeWork (NYSE: WE).

“With our lease rationalization across the United States and Canada nearly complete, WeWork is positioned for a strong and bright future,” said Peter Greenspan, global head of real estate at WeWork in a statement. “Strengthening our real estate portfolio could not have been possible without the collaboration of our landlord partners, to whom we are immensely grateful. Their partnership, combined with our improved operational efficiency and unwavering commitment to our members, sets the stage for WeWork’s success in this new chapter.”

Read complete article here: https://www.bizjournals.com/phoenix/news/2024/05/20/wework-biltmore-esplanade-affirm-lease.html