SoftBank-backed Gympass signs big WeWork office deal

An estimated 25,000 employees at SoftBank-backed firms work at the co-working company’s offices

TRD NATIONAL /
Jan.January 27, 2020 09:00 AM
WeWork executive chairman Marcelo Claure (Credit: iStock, Getty Images)

WeWork executive chairman Marcelo Claure (Credit: iStock, Getty Images)

WeWork has landed a three-year deal to provide space for 250 employees of Gympass, the gym membership app company that also counts SoftBank as an investor.

The deal is the latest example of WeWork’s majority owner SoftBank using its connections to help buoy business for the company, according to Reuters. Roughly 25,000 employees at companies backed by SoftBank use WeWork office space.

SoftBank rescued WeWork from bankruptcy last year by taking a majority interest in the company following a disastrous and failed initial public offering attempt that led to co-founder and former CEO Adam Neumann to step down. It hopes its network of other companies, such as Uber and Compass, can help turn WeWork around.

Gympass was founded in Brazil but now has its headquarters in New York. The WeWork deal is for office space in Soho that could triple Gympass’ presence in the city.

Gympass was valued at $1 billion last year. The startup lets corporate clients offer gym access to employees through a worldwide network of more than 50,000 gyms and studios. [Reuters] – Eddie Small


Related Articles

arrow_forward_ios
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork CEO Adam Neumann (Credit: Getty Images and iStock)

WeWork’s side businesses are fizzling

Sarah Pontius (Credit: Union College)

Another head rolls at WeWork

SoftBank Rajeev Misra (Credit: Getty Images)

Negative leaks and a ‘honey trap’: SoftBank Vision Fund boss reportedly schemed to topple rivals

Pamela Thomas-Graham and, from left, Robert Reffkin, Ori Allon and Justin Wilson

Compass adds first independent director to board

Grant McGrail (Credit: LinkedIn, Wikipedia)

Top WeWork sales exec resigns amid office relationship probe

WeWork CEO Sandeep Mathrani and Adam Neumann (Illustration by Zach Meyer)

WeWork’s turnaround star will need a new script

The document threatened a lawsuit against WeWork at a time when it was still in the midst of rapid growth and fundraising (Credit: Getty Images)

Inside WeWork’s $2M+ settlement over claims of drug use, sexual harassment

arrow_forward_ios
Loading...