Entertainment
WeWork retains North Hollywood location, considers Los Angeles a key market
WeWork, the troubled New York-based coworking company, has filed a motion to retain its lease for its North Hollywood location, the company announced this week.
The deal for 5161 Lankershim Boulevard in North Hollywood, owned by New York Life Investments, is one of five lease takeovers it has requested as part of its Chapter 11 bankruptcy reorganization. Last month, WeWork filed to take over its lease at 10250 Constellation Boulevard in Century City, according to court records.
As part of the assumption of the lease, New York Life agreed to reduce the rent and lease term, per the motion, although no further details were provided. WeWork and New York Life also agreed to a reduced letter of credit, often a guarantee from a bank that a tenant will pay its obligations.
According to a WeWork spokesperson, the company has seen very high demand for coworking spaces with the rise of flexible working post-pandemic, describing Los Angeles as a key market for WeWork. The company reports market demand for on-demand daily reservations and monthly subscriptions, called WeWork All Access, which factored into WeWork's decision to stay in the NoHo building.
We continue to work with our landlords to secure more sustainable rental terms so we can actually stay in as many buildings as possible across the city, the spokesperson said.
In addition to the coworking space itself, the WeWork location at 5161 Lankershim Boulevard offers nearby amenities such as restaurants in the NoHo Arts District and galleries in Valley Village.
The buildings we have taken on in Los Angeles are where we see a sustainable path for our long-term operations, the spokesperson noted. We're really excited about the progress we've made in Los Angeles so far and we look forward to building on the momentum.
Across the country, WeWork is seeking new financing while negotiating leases with landlords as part of its comeback plan.
Earlier this month, the company announced that it had determined the path forward for 90% of the sites in its global real estate portfolio through amended leases, new management agreements or through the lease rejection process as part of a lease rejection process. statement April 2nd. The company plans to exit Chapter 11 by the end of May.
We remain committed to exiting our global real estate and financial restructuring later this quarter, and plan to do so with little or no debt, said CEO David Tolley.
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