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You can see in the funding for the infrastructure bill that we’re working hard to do all of that. We want to build generational wealth and do it in a way that heals communities rather than separates them. Between the Bipartisan Infrastructure Law, the Inflation Reduction Act and the CHIPS act, there’s been a $1.8 trillion dollar investment. You may recall that when this conversation started about three or four years ago, the number was $6 trillion. So $1.2 trillion is significant, but it’s just a downpayment on what the real needs are.
Persons: Mitch Landrieu, Joe Biden, Biden’s, Landrieu, Bell, you’ve, We’re, Biden, it’s, He’s, he’s, there’s, I’ve, Catherine Thorbecke, , David Tolley, WeWork, Adam Neumann, Neumann, , AFTRA, Ramishah Maruf, , ” It’s Organizations: CNN Business, Bell, New York CNN, White, Infrastructure Investment, Jobs Act, Economic Security, Infrastructure Law, SAG, Locations: New York, New Orleans, Lowndes County , Alabama, Napakiak, Alaska, China, America, Hollywood
WeWork founder Adam Neumann has spoken out about the company's bankruptcy. He said he was "disappointed" and that it was hard to watch WeWork's collapse from the sidelines. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementAdam Neumann says it is "challenging" for him to watch WeWork go bankrupt. The tech entrepreneur had faced significant scrutiny over WeWork's business model and his perceived conflicts of interest, which would later become the subject of a Harvard Business School case study.
Persons: Adam Neumann, Neumann, , WeWork, WeWork's, Andreessen Horowitz Organizations: Service, Harvard Business School, Company, New York Times Locations: Wavegarden, WeWork
WeWork filed for Chapter 11 bankruptcy protection in the US on Monday. WeWork CEO David Tolley assured US-based members in an email that its spaces remain open. AdvertisementAdvertisementOn Monday, WeWork CEO David Tolley wrote an email to the company's US-based members, writing that WeWork spaces will continue with their operations and that their membership agreements will not be affected by the filing. He added the bankruptcy protection filing will allow WeWork to continue to restructure its financial position while continuing day-to-day operations. Throughout this process, WeWork spaces will continue to be operated to the highest standard.
Persons: WeWork, David Tolley, , Tolley, David Organizations: Service, U.S Locations: Canada
WeWork filed for Chapter 11 bankruptcy protection on Monday. AdvertisementAdvertisementWeWork, the company synonymous with coworking that was once valued at $47 billion, filed for Chapter 11 bankruptcy on Monday night. The main thing to note about WeWork's bankruptcy filing is it's Chapter 11, rather than Chapter 7 which would involve liquidation. AdvertisementAdvertisement"They need to raise capital, and they need to rightsize their real estate portfolio — negotiating more favorable lease terms, rejecting lease terms," said Sarah Foss, global head of legal at Debtwire. It will depend on how profitable each lease is, and what renegotiating terms WeWork is offered by landlords.
Persons: WeWork, , Adam Neumann, Tim Hynes, David Tolley, Sarah Foss, Foss, Hynes, X0GgcZMUHO, Chris Person, it's, There's, there's Organizations: Service, Colliers Locations: Manhattan
WeWork files for bankruptcy in federal court
  + stars: | 2023-11-06 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +3 min
New York CNN —WeWork, the beleaguered coworking startup, has filed for bankruptcy protections in federal court. “Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet,” said David Tolley, WeWork CEO, in a news release. WeWork eventually went public roughly two years later at a much-reduced valuation of some $9 billion. In May, WeWork announced a leadership shakeup with the departure of its chairman and CEO Sandeep Mathrani, a real estate executive who investors hoped would save the company. David Tolley, a WeWork board member, stepped up as interim chief executive and was officially named CEO in October.
Persons: New York CNN — WeWork, , David Tolley, WeWork, Adam Neumann, Neumann, Sandeep Mathrani Organizations: New, New York CNN Locations: New York
Now his phone keeps up with him — the Z Fold5 has enough battery to last a full day, including video calls. Louis Angel Scott, the cofounder and COO of Cutbox, a UK-based barber chain that offers convenient and affordable cuts, understands this clearly. Angel Scott and his cofounder initially founded Cutbox out of frustration with long wait times associated with the barbering industry. Samsung created products like the Galaxy Z Fold5 for technology-leaning entrepreneurs like Angel Scott. "The back-end experience is so seamless to access on the Z Fold5 due to the bigger screen," Angel Scott said.
Persons: Andy Davis, Davis, Samsung's Knox, Knox, I've, Louis Angel Scott, Angel Scott, Cutbox, Pen Organizations: Black, Samsung, Buds2, Insider Studios, Samsung Labs Locations: barbershops
WeWork's inevitable retreat is here
  + stars: | 2023-11-02 | by ( Tom Carter | ) www.businessinsider.com   time to read: +4 min
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . It comes after the company warned that there was "substantial doubt" about its ability to stay in business back in August. A company that planned to 'change the world'Once the US's most valuable tech startup , WeWork has seen a dramatic fall from grace. Years later, WeWork's financial woes could have dire consequences for commercial real estate.
Persons: WeWork, , Masayoshi, Adam Neumann, Stijn Van Nieuwerburgh, Neumann Organizations: Service, Beam, BBC, Street Journal, Reuters, Softbank, Columbia Business School Locations: London, Central London, Valley, WeWork
The solitude of remote work seemed to particularly hit Gen Z workers — who began their careers as workplaces went from in-person to virtual — hard. With companies asking — and in some cases mandating — their employees return to the office, Gen Z workers who are going in regularly have said they have a renewed sense of confidence in their jobs. Since Fitchett's employer started mandating employees go to the office, Fitchett said he finally feels a sense of ease at his job. Don't expect a full-scale return to the office quite yetThere's more that goes into a worker's preferences than loneliness, and Gen Z workers are mixed about returning to the office full time. For her — and many other Gen Z workers — the solution may come in some form of flexibility.
Persons: Ben Fitchett didn't, Fitchett, Ben Fitchett, Ben Fitchett Young, Aaron Terrazas, , Cigna, Hubert Palan, Z, Covid —, Palan, Vivek Murthy, it's, Mansoor Soomro, Soomro, Gen, Juanita Garcia, Garcia, who've, Zers, Anita Pan —, Anita Pan, Pan, Ricky Yean, Zers —, Yean, Bianca Wu, Bianca Wu Bianca Wu, Wu, wouldn't Organizations: Company, Teesside University, Starbucks, Flow, Dell Locations: New Zealand, Los Angeles, New York, Washington , DC, Bay
Palestinian tech workers in the Gaza Strip and West Bank are struggling to operate in the crossfire. AdvertisementAdvertisementPalestinian tech workers have comparatively fewer resources (namely internet connectivity and cash) at their disposal and tend to be reliant on outsourced work. This affects remote workers, freelancers, tech workers, and students who "won't be able to pursue their duties," Shtaya added. It was already difficult to import hardware and other equipment, the West Bank consultant said. Nvidia hired 100 engineers in the West Bank, and Apple also has a presence, TechCrunch reported.
Persons: , Ryan Sturgill, TechCrunch, Avi Hasson, Israel, Mona Shtaya, Shtaya, PayPal doesn't Organizations: Hamas, West Bank, Service, Aqsa University, Google, Microsoft, TechCrunch, Mercy Corps, Israel Innovation Authority, Nation Central, Gaza Health Ministry, Gaza, Institute, Middle East, Bank, Israel, Wired, PayPal, Tech, Nvidia, Apple Locations: Gaza, Palestinian, Al, Israel, Hamas, Egypt, Europe, Persian
If you're not shopping for a new office right now, you might be missing out. With vacancies rising, many office landlords are doing whatever it takes to get leases signed, including dropping rents. Risa Letowsky, the co-chair of Adler & Stachenfeld LLP leasing practice group, told Insider that flexibility is the difference between successful and struggling landlords right now. See below for a list of the 10 top perks that office landlords are offering. Flexible lease lengthsThe traditional office lease is eight to ten years.
Persons: Risa Letowsky, aren't, Letowsky, Mike Watts, Andrew Lustgarten, Michael T, Cohen, Franklin Wallach, Carlos Avila Gonzalez, they're, Lustgarten, Watts, Matt Petit, Michael Lirtzman, Lirtzman Organizations: Adler, Stachenfeld, it's, Colliers, San Francisco, Getty, Silverstein Locations: Los Angeles, New York City, San Francisco , California, LA, Chicago
Now may be the time to shop for an office lease. As office vacancies soar to record highs in some markets, office landlords often have no choice but to find new and creative ways to attract new clients. "When you have 55-year-old managing partners of a law firm looking for office space, and they see the golf simulator, they get pretty excited," he said. Long-term leases, which usually feature landlord-financed renovations to the office space, are now being offered with lease-termination options. Office landlords without access to this capital level are often left with only one lever: renting below market price.
Persons: Michael Cohen, Michael Lirtzman, Anthony Tahlier, Andrew Lustgarten, Lirtzman, Sterling, Lustgarten, it's, Matt Petit, Goldman Sachs, Risa Letowsky, Letowsky, Watts, Tishman Speyer, aren't, That's, Cohen, they've, he's, hasn't Organizations: Colliers, Kastle Systems, West Chicago, Sterling Bay's, Century, El, New, Palm, Chase, Wall, JPMorgan, Deutsche Bank, Adler, Stachenfeld, Silverstein, Lawyer Locations: Chicago, Bian, Sterling, Los Angeles, New York, Miami, Liberty, Chase Manhattan, Alamo, CBRE, Los Angeles and New York, LA, United States
Moreau is CEO and cofounder of Radious, a startup that lets you rent out your house as a coworking space . She thinks many people want to work alongside others — just not all of the time. Companies can rent Radious homes, too, to bring their workers together somewhere other than an office but that's still private. They're all doing some combination of remote work with occasional in-person togetherness," Moreau said. When they occur, people can sign up to work for a day from one of the homes Radious lists.
Persons: Radious, , Amina Moreau, Moreau, Amina Moreau She, Radious's, We've, It's Organizations: Area, Service, Homeowners Locations: RTO, PJs, Portland , Oregon, Milwaukee, People, WFH, Bay, Marin County, Santa Cruz, Northern California
Otherwise, exemptions to the hybrid work policy will "only be granted in rare and exceptional cases" like documented medical reasons. Below is a copy of Tanium's hybrid work policy FAQ:Tanium Return to Office & New Hybrid Work Policy FAQQ: What is Tanium's new hybrid work policy? move to another city, state, county or country) the general expectation is that they will adhere to the hybrid work policy going forward. move to another city, state, county or country) the general expectation is that they will adhere to the hybrid work policy going forward. Additional Policy DetailsQ: Will exemptions from the hybrid work policy be provided?
Persons: Tanium, Dan Streetman, Orion Hindawi Organizations: Employees, Meta, Microsoft, Leadership Team, Team, Google, North, EMEA, Frankfurt, JP, KR, SharePoint Locations: North America, Emeryville , CA, Morrisville , NC, Addison , TX, Kirkland , WA, Bethesda, New York, Denver, Tampa , FL, Vancouver, Reading, Amsterdam, DE, Paris, Krakow, Tokyo, Osaka, Nagoya, Seoul, Singapore, SP
New York CNN —WeWork’s stock plunged more than 20% on Tuesday morning after the company said a day earlier that it would not make two sets of interest payments totaling more than $95 million. WeWork (WE) noted in a securities filing Monday that it has a 30-day grace period to make the interest payments. At the same time, it reported a $696 million net loss in the first six months of this year. WeWork was valued at $47 billion at its peak, but it struggled to fully recover after a failed attempt to go public in 2019. At the time, IPO paperwork revealed larger-than-expected losses and potential conflicts of interest with the company’s founder and then-CEO Adam Neumann.
Persons: WeWork, Adam Neumann Organizations: New, New York CNN Locations: New York
At just shy of 400,000 inhabitants, Sintra is also big enough to absorb the 25 Boundless families without the expats dominating all the local haunts. At school, kids are fed organic meals made by a local chef. After school, kids from different families entertained themselves in the cobblestone streets and parks under light adult supervision. But despite some early success, Boundless Education, like the organization itself, is still very much a startup. On my last night in Sintra, the Boundless families gathered together at Praia de Maçãs, a beach 20 minutes from downtown.
Persons: Shirly, Erez Weinstein, Shirly Weinstein, Ella, Mauro Repacci, Simone Stolzoff, Edward, Jessica, , Rekha Magon, I've, Repacci, Marcos Carvalho, Rolf E, Carvalho, Lona Alia, Alia, Elina Zois, it's, Andreas Wil Gerdes, Penguin Random Organizations: Khan Academy, Green School, Nordic Baccalaureate, North America, Penguin Locations: United States, Israel, Atlanta, Chiang Mai, Thailand, Portugal, Indonesia, Italy, Greece, Bali, Dominican Republic, Sintra , Portugal, Lisbon, Sintra, Ohio, Seattle, Italy's Tuscany, Montreal, Costa Rica, Europe, Southeast Asia, North, Praia, Maçãs, America, San Francisco
At just shy of 400,000 inhabitants, Sintra is also big enough to absorb the 25 Boundless families without the expats dominating all the local haunts. At school, kids are fed organic meals made by a local chef. After school, kids from different families entertained themselves in the cobblestone streets and parks under light adult supervision. But despite some early success, Boundless Education, like the organization itself, is still very much a startup. On my last night in Sintra, the Boundless families gathered together at Praia de Maçãs, a beach 20 minutes from downtown.
Persons: Shirly, Erez Weinstein, Shirly Weinstein, Ella, Mauro Repacci, Simone Stolzoff, Edward, Jessica, , Rekha Magon, I've, Repacci, Marcos Carvalho, Rolf E, Carvalho, Lona Alia, Alia, Elina Zois, it's, Andreas Wil Gerdes, Penguin Random Organizations: Khan Academy, Green School, Nordic Baccalaureate, North America, Penguin Locations: United States, Israel, Atlanta, Chiang Mai, Thailand, Portugal, Indonesia, Italy, Greece, Bali, Dominican Republic, Sintra , Portugal, Lisbon, Sintra, Ohio, Seattle, Italy's Tuscany, Montreal, Costa Rica, Europe, Southeast Asia, North, Praia, Maçãs, America, San Francisco
A CEO in Vietnam offers his team hybrid work, unlike many other companies in the country. AdvertisementAdvertisementDaan van Rossum's company is quite different from many other companies in Vietnam: It offers hybrid work. Neither Japan nor South Korea imposed a full national lockdown, so many workers never needed to adjust to remote work. In many ways, Singapore mirrors the US in that many companies offer remote work, given the country's more advanced digitization. AdvertisementAdvertisementAt the end of the day, van Rossum said there's still no answer on whether in-person or hybrid work is best.
Persons: , van Rossum, Van Rossum, Jones Lang LaSalle, Van Rossum's, Daan van Rossum, it's, Vietnam —, there's Organizations: Service, Center for Creative Leadership Locations: Vietnam, Asia, Netherlands, Ho Chi Minh City, Americas, Europe, Japan, South Korea, India, Malaysia, Philippines, Sri Lanka, Singapore
Feeling lonely? Go to the library.
  + stars: | 2023-09-24 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com   time to read: +12 min
And it's becoming clearer just how important "third places" — spaces for socializing outside of work and home — are. Wood, who thinks libraries are "one of the last true third places," explained that there are a range of spaces in her library. Abrams said he regularly drops by the New York Public Library just to pick up sticky buns from Amy's Bread, a bakery with an outpost in the library. Eliza Relman/InsiderIn Boston, for instance, the Boston Public Library is thriving, Gregor Smart, the head of the Kirstein Business Library and Innovation Center at BPL, said. Covid taught the library the need for things like Macs with webcams, for instance, so library goers can hop on Zoom or do job interviews.
Persons: Stephanie Garcia, Emily Dickinson, Willa Cather, Garcia, Eliza Relman, Carla Hayden, We're, Brittany Simmons, who's, TikTok, Simmons, , Brooks Rainwater, it's, Emma Wood, That's, we're, Katie Davidovich, — we've, Davidovich, Tim Peters, Peters, Wood, Samuel Abrams, Abrams, hasn't, Rainwater, Gregor Smart, Smart, Covid Organizations: Service, of Congress, of Labor, Library of Congress, DC, Congress, Urban Libraries Council, University of Massachusetts Dartmouth, Capitol, College, Central Michigan University, American Enterprise Institute, New York Public, Public, Boston, Boston Public Library, Business, Innovation, BPL Locations: Wall, Silicon, Washington ,, New York, Capitol Hill, Canada
Racial and class segregation have also long shaped and limited access to public places. "The fundamental rule of public space is that what attracts people most is other people." So it's counterproductive to stop responsible drinkers from enjoying themselves in parks, at street fairs, and in other public places. There are an average of eight public toilets for every 100,000 people in the US, but access to facilities varies widely. By contrast, countries like the UK and Switzerland have many more public toilets per capita.
Persons: Sara Hoy, Hoy, she'd, I've, Erin Boyd, Culdesac, We're, , Severance, Vivek Murthy, millennials, Sen, Chris Murphy, Murphy, Tina Smith, Smith, Leslie Kern, Kern, Mitchell Reardon, Reardon, Eid, Kristen Ghodsee, who's, Ghodsee Organizations: Central Pennsylvania, Peace Corps, today's, Seneca Village, Dodger, Connecticut Democrat, Minnesota Democrat, Soho House, Social, Centers for Disease Control, East European Studies, University of Pennsylvania, National Association of Realtors Locations: Central, Moldova, Korea, Sweden, Phoenix, Arizona, New York, Seneca, Washington, Rock Creek, Los Angeles, Connecticut, America's, Wethersfield , Connecticut, Minnesota, Soho, America, Seattle, York City, Rochester , Minnesota, Europe, Germany, It's, Switzerland, Homebuyers, Houston, Austin
Steven Paynter, an expert in office-to-residential conversions at the architecture firm Gensler, thinks converted office buildings will be a trendy, new type of housing. Advertisement Advertisement Watch:The renovated exterior of Franklin Tower, a 24-story former office building in downtown Philadelphia that now contains luxury residences. But renovating old office buildings is no simple task. AdvertisementAdvertisementIn some cases, particularly when it comes to postwar high-rises, it's more economical to tear old office buildings down and replace them with new housing, Hogan said. When Gensler renovated Franklin Tower, a vacant 1970s office building in downtown Philadelphia, it fully reconstructed the facade and windows.
Persons: Steven Paynter, Paynter, Robert Deitchler, Mark Hogan, who'd, you've, Charles Bloszies, Hogan, " Hogan, John Cetra, Cetra, Bloszies Organizations: Service, Broad, Coast, Franklin Locations: Wall, Silicon, Manhattan , New York, Philadelphia, San Francisco, Franklin Tower, Manhattan, San Francisco's
An increasing number of women are choosing to undergo IVF and egg freezing treatments abroad. My gynecologist, who is the same age as me, told me it was a good time to consider egg freezing and I decided to give it a go. It books trips, including flights and accommodation, for patients who want to undergo egg freezing and IVF abroad. I thought I could make this into a positive experience — and get that negative connotations about egg freezing out of my head. My friends asked me how it was and they're considering egg freezing more seriously.
Persons: Rika Tajima, I've, Abhi Ghavalkar, Milvia, Akash Ghavalkar, Rika, grandpa, I'm Organizations: Morning Locations: London, Japan, Berkeley, West London
The mayor of New York City aims to turn old office buildings into 20,000 new apartments. The Manhattan-based architect John Cetra, who has worked on office conversions since the 1980s, calls it "the amenity war." His firm, CetraRuddy, recently announced it's leading the conversion of a 30-story office building, formerly home to Goldman Sachs, in Manhattan's financial district. Adams' goal is to create up to 20,000 new homes for 40,000 New Yorkers in converted office buildings over the next decade. AdvertisementAdvertisementNew York City has already had some success in converting office buildings to homes.
Persons: you'll, they've, everyone's, Steven Paynter, we've, John Cetra, it's, Goldman Sachs, Cetra, Eric Adams, Paynter, He's, who's, Adams, We've, Dan Garodnick, Mark Hogan, Hogan, Charles Bloszies, I've, that's, Bloszies, Garodnick, Arpit Gupta Organizations: Service, CetraRuddy, York, US Department of Housing, Urban Development, Yorkers, New York City's Department of City Planning, San Francisco, Supervisors, New York Stock Exchange, NYU Stern School of Business, Research Locations: New York City, Wall, Silicon, York, San Francisco, Manhattan, Toronto, Calgary , Alberta, York City, Francisco, New York
Amancio Ortega has purchased a 45-story Chicago apartment tower. Ortega, founder of Zara parent company Inditex, splashed out $232 million on the property. Pontegadea, Ortega's family office, bought the 45-story 727 West Madison property, a company spokesperson told Insider. AdvertisementAdvertisementPrices start at $2,166 a month for a studio, rising to $6,083 for the most expensive apartment available, a three-bed. Ortega is the world's 14th richest person, with an estimated net worth of around $75.2 billion, the Bloomberg Billionaires Index shows.
Persons: Amancio Ortega, Ortega, there's, Charles Koch, Michael Dell, Walton, Inditex Organizations: Seattle HQ, Toronto's Royal Bank, Service, Madison, Chase Bank, Bloomberg, Pontegadea, Meta's Seattle, Royal Bank Plaza Locations: Chicago, Zara, Manhattan, Wall, Silicon, Cook County, Meta's, Toronto
Two and a half years after Roni Dagan's husband died, she and her seven-year-old son, Gal, found solace in places far from home. Of her son Gal, Roni Dagan said: "It was difficult when he was younger, but … he's now super easy to travel with." Work, school and playDagan is part of a wave of single moms who are rediscovering themselves and reconnecting with their children through travel. It's a demographic Boundless Life hasn't specifically targeted, yet the trips — which include accommodations, coworking spaces, and schooling — are resonating with single moms and single dads. And that has to do with being a single mom, because [traditional] families stick together, and single moms are kind of left out," she said.
Persons: Roni Dagan's, Gal, Dagan, They've, Roni Dagan, , there's, Elodie, Alison Lewis, O, Lewis, Catherine Chinatree, Sonny Organizations: CNBC Travel Locations: United States, India, Ibiza, Tel Aviv, Israel, Egypt, Red, Tanzania, Bulgaria, Greece, Italy, Portugal, Bali, U.S, Hawaii, Texas, Sintra , Portugal, Margate, Bangkok, Thailand, Malaysia, Vietnam, Singapore, Nepal
It shows how remote workers, or hybrid workers, crave a third space that isn't work or home. As the Wall Street Journal reports, gyms are the latest venture to break into offering coworking space. Its website touts that the gym's members lounge "offers communal work tables and social lounge spaces available from open until close for all club members," where members can "catch up on some work" or "just relax after your workout." As research on remote workers' time use shows, more are using their breaks to work out or participate in other leisure activities. That could explain why a gym-based coworking space is so appealing: You get the ability to socialize, work out, and still get your work done.
Persons: crave, Chelsea, Chelsea Piers, Nick Bloom, Bloom Organizations: Service, Wall Street Journal, Chelsea, Stanford Locations: Wall, Silicon, Brooklyn
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