WeWork Looks to Keep Downtown Chicago Space

WeWork has solidified five new lease assumptions throughout the United States, including one in downtown Chicago. The flexible space provider filed a court motion to remain at the 448 N. LaSalle Street space in the city’s River North neighborhood.

The assumptions are still subject to court approval and are part of the company’s efforts to strategically restructure amid a Chapter 11 bankruptcy. WeWork says it is working with landlords to reach new terms at each of the five buildings.

“Today’s assumptions highlight our commitment to maintaining a strong presence in economic hubs across the country,” said Peter Greenspan, global head of real estate at WeWork.

The company, once valued at $47 billion, says it has been making progress in various negotiations related to its real estate portfolio. WeWork has reduced its rent commitments by over $8 billion and has made decisions on over 90% of its global locations.

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