It's only been a few months since WeWork filed for bankruptcy, but its Dallas-Fort Worth location remains largely intact.
Three coworking spaces operated by Common Desk, a Dallas-based company acquired by WeWork in 2022, have closed in recent months, while seven WeWork-branded locations remain open in the region. . His 11 Common Desk locations throughout North Texas are also open.
“Dallas continues to be a priority market for us. Our goal is to remain in all of our current operating locations and we look forward to seeing what unfolds in the market,” said WeWork's Vice President of Global Real Estate. , said Peter Varelas. dallas morning news.
But Mr. Irving's holding company, which operates Williams Square, filed in U.S. Bankruptcy Court this week to force WeWork to pay rent. A fourth Common Desk location at Canal Center in Irving has been added to the list of facilities WeWork is seeking court approval to sever ties with.
Over the past few weeks, WeWork has been speaking one-on-one with hundreds of landlords in the U.S. and Canada, working to obtain more favorable terms to allow the shared office space company to continue operating.
The shared office space company, which filed for Chapter 11 bankruptcy in November, is working to reconfigure the economics of leasing to operate more sustainably, Varelas said. Varelas is focusing on WeWork space and not leasing Common Desk.
In WeWork's bankruptcy filing last year, the New York-based company sought approval to abandon dozens of office leases around the world. The company also plans to negotiate better rental terms with landlords, which the company said it is currently working on.
“Dallas is no different than any other region in our portfolio in the sense that we’re seeing a lot of demand for coworking space from our membership base. We also know the value. These two main constituencies are what make us believe we can be successful,” Varelas said.
Five new lease agreements that require court approval impacted WeWork's bankruptcy proceedings on Monday. Lease agreements in Arizona, New York, Ohio, and Virginia include reduced rent, shorter terms, or square footage.
