Adam Neumann’s “blitzscaling” of WeWork into a global real estate behemoth could cost landlords dear as bankruptcy looms for the company.
Years after the founder’s departure, the team at the helm of WeWork are having to grapple with the fallout from that expansion binge, which has left the flexible working giant locked into leases on 777 buildings around the world.
Last month, Neumann said the period of expansion was an “amazing” journey with an “unbelievable” team.
WeWork is London’s largest commercial tenant, leasing some 3.6m sq ft of office space in the capital, according to Savills.
Landlords are now expecting to take a haircut on outstanding debts, including unpaid rent. But it will also give them the chance to kick WeWork out of their buildings, but only once the Chapter 11 process comes to an end.
