WeWork is moving its headquarters downtown as it deals with the final days of its bankruptcy battle.
The embattled co-working firm is shifting corporate operations to its Union Square outpost at 18 W. 18th Street, Bisnow reported.
The news comes after the company said in an April bankruptcy filing it intends to reject its 300,000-square-foot lease at Kato International’s Tower 49, a Midtown property previously home to one of the firm’s largest locations. The firm first signed a lease at the tower in 2016.
WeWork said it would relocate its 2,800 members from 12 East 49th Street as it consolidates its portfolio. The property was among five in New York City where WeWork rejected leases.
The co-working firm has leased space at the 18th Street property owned by the Shaffer family since 2018, when it picked up roughly 167,000 square feet.
At the time, the new lease added office space a block away from its corporate office on West 18th Street, the Commercial Observer reported.
The company is targeting a bankruptcy exit this month, ending a trail of negotiations with landlords and canceled deals in markets across the country.
The firm said last month it anticipated $8 billion in rent savings on the back of its plan to shutter around 150 co-working locations, while keeping another 150. It has also reached agreements with 92 percent of its secured-note holders to clear more than $3 billion in debt obligations.
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