https://www.ft.com/content/0c545e8a-e0b3-11e9-b112-9624ec9edc59
In the words of W, "this sucker could go down."
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It's a giant ponzi scheme. Universities will be using the failure of WeWork as a case study for a long time.
In the words of Flo Rida "it's going down for reallll"
WeWork didn't really halt most of their new leases, their counter-parties (owners, lenders, etc) halted their new leases.
Owners are morons for leasing prime space to them in the first place or they were a last ditch option to get pre-lease % above the lender's hurdle. Any half competent financial analyst with access to their financials could figure out this is a sham...
How many "prime" spaces did they really take? I feel like they were the tenant of last resort for most landlords and that they have been propping up the bottom end of the "class A" office market (at least in the markets I follow). Bit of a reckoning for shit product that was going to have trouble finding another tenant... at least they will have expensively built-out space to offer to the next guy?
I see tons of new mixed-use developments with them as a name tenant on the building taking down large floor-plates.
https://www.wework.com/locations
FYI .- WeWork is the largest office tenant in Manhattan
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