WeWork's lease liabilities accounted for more than two-thirds of its operating expenses for the second quarter of this year, Tolley said.
As of June 30, WeWork had 777 locations in 39 countries.
The shuttering of select WeWork locations isn’t new.
The process to renegotiate so many leases could take months, if not longer, he said.
WeWork’s plans to renegotiate most of its leases also arrive at a time when demand for office space is weak overall.
Persons:
— WeWork, “, WeWork, David Tolley, Tolley, ” Tolley, ”, Jonathan Adelsberg, Herrick, Feinstein, Sam Chandan, Chao, Chen, University’s, ” Chandan, David Putro, “ It's, ” Putro, WeWork’s, Chandan, Adam Neumann, It's
Organizations:
New, Real Estate Department, Chen Institute, Global Real Estate Finance, University’s Stern School of Business, Morningstar Credit, Major, D.C, Putro
Locations:
New York, Major U.S, San Francisco , New York, Chicago, Washington, San Francisco, “