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Seattle & Northwest  + Seattle  + Office  |  November 7, 2023
Jasmine Kilman
By: Jasmine Kilman

WeWork Has Stopped Paying Rent at Seattle Locations

WeWork has stopped paying rent on two of its leases as the company filed for Chapter 11 bankruptcy. Once valued at $47 billion, WeWork reported liabilities ranging from $10 billion to $50 billion, per the filing.

Boston Properties (BPX), a real estate investment trust, hasn’t received payments from the former unicorn startup for its office at Madison Centre in Seattle, according to the Puget Sound Business Journal. WeWork‘s website lists eight Seattle-area locations, including six in the city and two in Bellevue.

As of July 2022, WeWork’s spaces in the Puget Sound region totaled just under 1 million square feet, according to the outlet.  WeWork recently appointed David Tolley as its new CEO to help guide the company through the expected bankruptcy. Adam Neumann founded the company in 2011 and was ousted as CEO in 2019 after several tumultuous years at the helm of the once-darling coworking space startup.  

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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