WeWork Successfully Completes Lease Negotiations and Real Estate Rationalization in Australia

Australia - 12th July, 2024 - WeWork, the leading global flexible space provider, announced today it has completed its lease negotiations as part of its strategic restructuring in Australia. WeWork moves forward in the region with an enhanced real estate footprint that includes the company's strongest and most popular locations where it plans to operate for the future.

WeWork's portfolio in Australia, which spans 15 locations, excels in delivering top-tier member experiences while ensuring sustainable financial performance for the company. WeWork plans to remain in its current buildings across all four cities - Sydney, Melbourne, Perth and Brisbane - and is focused on investing in the products and services that its members value the most.

"We are delighted to have finalized our portfolio optimization across Australia," said Claudio Hidalgo, COO. "Our updated footprint comprises our highest quality and best-performing locations in the market. As ever, we are extremely grateful to both our landlords and members for their partnership as we navigated through this process."

Balder Tol, General Manager, Australia & Southeast Asia, said "Australia continues to cement its position as a dynamic hub for ambitious entrepreneurs and fast-growing companies. As we celebrate this landmark milestone for the region, I want to extend my gratitude to our members across the market for their unwavering loyalty and partnership. WeWork is now entering a new phase and we remain fully committed to providing our community here with an unmatched experience that enables them to do their best work."

In June, WeWork emerged from Chapter 11 in the US and Canada and completed its global operational and financial restructuring. The Company moves forward with a system-wide portfolio of approximately 45 million square feet in approximately 600 locations in 37 countries and 120 cities around the world.

About WeWork

WeWork was founded in 2010 with the vision to create environments where people and companies come together and do their best work. Since then, we've become a leading global flexible space provider committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences. For more information about WeWork, please visit us at wework.com.