WeWork adds West Hollywood, DTLA back to location roster

Bankrupt coworking firm has negotiated lease assumptions at five SoCal sites

1150 South Olive Street,WeWork's David Tolley and 750 N San Vicente Blvd (WeWork, Getty)
1150 South Olive Street,WeWork's David Tolley and 750 N San Vicente Blvd (WeWork, Getty)

WeWork, the bankrupt New York-based coworking firm, has negotiated to keep two more Los Angeles locations, as a part of 16 lease assumptions the company disclosed on May 6.

The two WeWork offices are located at Charles Cohen’s Pacific Design Center at 750 North San Vicente Boulevard in West Hollywood and LBA Realty Partners’ 1150 South Olive Street in Downtown L.A. 

The disclosures mark a total of five working locations in the Los Angeles-Orange County market that the firm was able to keep in the past month, following similar announcements about the North Hollywood, Long Beach and South Coast Plaza coworking spots.

WeWork’s agreed to exit Chapter 11 bankruptcy last month, as a result of a $337 million capital injection from Yardi Systems and $112 million from existing bondholders.

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Last week WeWork announced a $450 million investment, which is still subject to court approval, to support its operations after its bankruptcy, according to a company spokesperson. 

The company underwent a similar process in eight U.S. markets, covering 95 percent of its global lease portfolio, according to the company.

“Over the past six months, we have worked extremely hard to develop a plan for a reorganized WeWork that is better capitalized, more operationally efficient and positioned for continued investment in our products and services and a return to long-term growth,” said CEO David Tolley in a statement

The South Olive Street office is located between the Financial and the Fashion Districts, and is close to the Los Angeles Convention Center. In West Hollywood, WeWork is nested in the Red Building of the 14-acre Pacific Design Center campus. The office spans three floors.