WeWork to assume 10 more leases across LA, OC

Coworking firm looks to exit bankruptcy with nearly all its SoCal locations

WeWork's David Tolley and 177 East Colorado Boulevard (CBRE, WeWork, Getty)
WeWork's David Tolley and 177 East Colorado Boulevard (CBRE, WeWork, Getty)

WeWork wants to exit bankruptcy with almost all of its Los Angeles and Orange County locations intact. 

The coworking firm has filed requests with the court overseeing its Chapter 11 bankruptcy to assume 10 more leases across Los Angeles and Orange counties, in addition to more than 80 across the U.S. and Canada, according to a court filing. 

The firm wants to keep its space at: 

  • Clarion Partners’ 12130 Millennium Drive in Playa Vista
  • Rockpoint Group’s 177 East Colorado Boulevard in Pasadena
  • Onni Group’s 611 North Brand Boulevard in Glendale
  • Starwood Capital Group’s 222 Pacific Coast Highway in El Segundo
  • TPG Angelo Gordon’s 21255 Burbank Boulevard in Warner Center
  • TPG Angelo Gordon’s 4041 MacArthur Boulevard in Newport Beach
  • American Realty Advisors' 312 Arizona Avenue in Santa Monica
  • Artemis Real Estate Partners' 520 Broadway in Santa Monica
  • Irvine Company's 200 Spectrum Center in Irvine
  • Irvine Company's 400 Spectrum Center in Irvine

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Many of the lease terms are still to be determined, according to the filing. On many, WeWork and its landlords have come to agreements to reduce WeWork’s rent, in exchange for longer lease terms. 

But on some leases, including 611 North Brand Boulevard, WeWork is keeping its terms exactly the same. For the Glendale location, WeWork will pay about $200,000 to Onni Group as a cure to keep the lease.

WeWork has already filed motions to keep leases at buildings in North Hollywood, Downtown Los Angeles, West Hollywood, Long Beach and South Coast Plaza in Orange County. 

The firm has not kept all locations — in February, it filed a motion to reject its lease at the Gas Company Tower in Downtown L.A., a building formerly owned by Brookfield that is now in receivership. 

WeWork came to an agreement to exit bankruptcy last month, after negotiating for $337 million in fresh capital from Yardi Systems and $112 million from existing bondholders. The deal will allow WeWork to skirt being sold to its co-founder and former CEO Adam Neumann, who had emerged as a potential buyer.