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馃拰 Recent TWIC Mentions

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Caleb Parker discusses how few calls from landlords wanting to "do the WeWork thing" Expand 馃憞 prompted Jonny Rosenblatt to launch Spacemade to help landlords get into the flex office business on the #WorkBold podcast.

馃挰 Discuss this 路 馃敆 Direct Link 路 鈴憋笍 1 day ago 路 馃摡 Week 15, 2024

馃嚭馃嚫 Office-as-a-service platform opens 36 private offices in LA metro
Codi, who continuously insists "it’s not a coworking platform" but always positions itself Expand 馃憞 as a "rival to WeWork" have announced that they’ve opened 36 flex offices across greater Los Angeles. The platform notes that they have leased 93k sqft for running private offices across Santa Monica, Culver City and Los Angeles with another 50 locations in the pipeline.
A reminder, Codi leaned heavily into "offices in other peoples’ houses", but seems to be pivoting back to managed private offices. Seems similar to Breather’s original model.

馃挰 Discuss this 路 馃敆 Direct Link 路 鈴憋笍 8 days ago 路 馃摡 Week 14, 2024

Lawrence Gellerstedt joins Gio and Jamie on the Flex Uncensored podcast to discuss SwitchYards, his Expand 馃憞 career, family, commitment to being genuine and authentic, mental health struggles and more.

馃挰 Discuss this 路 馃敆 Direct Link 路 鈴憋笍 8 days ago 路 馃摡 Week 14, 2024

馃懇鈥嶁殩锔 WeWork sets end of Chapter 11 target date
WeWork announced that they expect to be out of Chapter 11 proceedings in the US and Canada by May Expand 馃憞 31st 2024.
The announcement also shares that they’ve amended 150 leases, maintained 150 unchanged leases and 150 rejected leases (or negotiated building exits) – reflecting an over $8B saving in future rent obligations (a big 40% reduction).
They do note that they have ‘determined a path forward’ for 90% of their global real estate portfolio, which puts the last 10% in an interesting position for sure. Either way, the firm that went into Chapter 11, is not the firm that will come out. Another Theseus’ Ship.

馃挰 Discuss this 路 馃敆 Direct Link 路 鈴憋笍 8 days ago 路 馃摡 Week 14, 2024

馃挵 Blackstone exploring $1.9B sale of coworking group
In what seems to be exclusively email-gated content Seeking Alpha, Bloomberg and The Telegraph Expand 馃憞 report that the PE firm is having ‘informal talks’ to sell The Office Group (which if they were subscribed to TWIC like you are, they’d have known are now being rebranded to Fora) for $1.9B.
ICYMI: Blackstone acquired a majority stake at a valuation of $640M in 2017. Merged with Fora at a $1.9B valuation in 2022. Now run 70 locations.

馃挰 Discuss this 路 馃敆 Direct Link 路 鈴憋笍 15 days ago 路 馃摡 Week 13, 2024

Ana Sousa (Vertical Coworking), Tina Wolder (T Form Spaces) and Will Kinnear (HEWN) join George Sell Expand 馃憞 on the Urban Living Webinar Series to discuss the flex workspace industry, WeWork’s shadow, and more.

馃挰 Discuss this 路 馃敆 Direct Link 路 鈴憋笍 29 days ago 路 馃摡 Week 11, 2024

馃嚞馃嚙 Hybrid hotel firm eyes London expansion with key hire
Zoku shared that Patrick Nelson (prev. head of international real estate at WeWork) has joined their Expand 馃憞 Growth & Innovation team as they gear up for a launch in London.
ICYMI: The firm runs "home/office hybrid" properties in Amsterdam, Copenhagen, Vienna, and Paris.

馃挰 Discuss this 路 馃敆 Direct Link 路 鈴憋笍 48 days ago 路 馃摡 Week 09, 2024

鈴 Guess who’s also getting into the rev-share agreement game?
Jacob Bates notes that WeWork have "finally" (paraphrased) figured out rev share Expand 馃憞 agreements can be brought into the flex space mix.
The firm "announced today three new lease assumptions in the U.S. as part of its strategic restructuring process and ongoing negotiations with its landlords", which included "the first alternative lease structure the company has reached during he process". The alt lease structure is a rev share agreement with American Asset Trust who owns 830 NE Holladay St in Portland.

馃挰 Discuss this 路 馃敆 Direct Link 路 鈴憋笍 43 days ago 路 馃摡 Week 09, 2024

鈽锔 Former WeWork space in Miami becomes a Venture X
Vast Coworking Group signed a lease for a former WeWork space in Downtown Miami and will be Expand 馃憞 converting 20,253 sqft of the building鈥檚 7th, 8th, and 9th floors into a Venture X location.

馃挰 Discuss this 路 馃敆 Direct Link 路 鈴憋笍 36 days ago 路 馃摡 Week 09, 2024

馃 Residential tech co shares strategic acquisition plan for WeWork
In a press release Rentberry (a tech company in the residential rental and management space) shared Expand 馃憞 plans to ‘explore the acquisition of WeWork’. They share that the move, which is backed by VC funds, aims to bring WeWork into the firms "Flexible Living" concept bringing together work and living environments.
I’ve not heard anything from WeWork about this, but I’m certain there’s a lot of interested parties exploring a strategic acquisition here, including Adam Neumann who’s pretty keen on merging residential and working spaces, again. Again.

馃挰 Discuss this 路 馃敆 Direct Link 路 鈴憋笍 50 days ago 路 馃摡 Week 08, 2024

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