May 8, 2024 - News

WeWork staying put in Detroit amid restructuring

Illustration for WeWork being given a lifeline

Illustration: Aïda Amer/Axios

WeWork's leases at two Detroit offices will remain intact as the company struck a deal last month to exit bankruptcy.

Why it matters: The coworking space operator filed for Chapter 11 bankruptcy protection in November, leaving its leases in Detroit and elsewhere in limbo.

Driving the news: WeWork will remain open at 19 Clifford St. and 1001 Woodward Ave., the company announced.

Flashback: WeWork closed a third Detroit location in the TechTown area at 6001 Cass Ave. in 2022.

Between the lines: WeWork reached a $450 million restructuring deal to exit bankruptcy by the end of May.

  • Company co-founder and former CEO Adam Neumann is not involved, despite having wanted to buy back his former company.
  • Yardi Systems, a property management software provider and WeWork service partner, would become the company's new majority owner with around a 60% stake.
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