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UNIS:WEW, Nov 21, 04:23 UTC

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39% of Coworking Employees Work at WeWork, but Local Spaces May Grow as WeWork Drama Continue

WEW

WASHINGTON, Nov. 20, 2019 /PRNewswire/ -- WeWork is the most popular coworking space, but smaller, local coworking spaces are catching up, according to a new survey from Clutch, the leading B2B ratings and reviews platform. Coworking owners say yes, based on coworking's overall growth — the number of coworking spaces worldwide is expected to reach 26,000 in 2022, up from 18,000 in 2019 and 8,000 in 2015. "I think the smaller, local coworking spaces will overtake WeWork," said Andrew Schuh, marketing specialist at Focus Property Group, which owns Enterprise Coworking in Denver. Coworking employees also work in traditional offices (65%), remote locations (54%), and on-site locations such as labs or factories (37%).

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Tuesday, November 19


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Legendary VC Ben Horowitz is now asking job candidates their thoughts on WeWork - and their response shows him whether they'll respect entrepreneurs or let power go to their head

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Legendary VC Ben Horowitz is now asking job candidates their thoughts on WeWork - and their response shows him whether they'll respect entrepreneurs or let power go to their head. When they interview candidates for venture capital positions, Andreessen Horowitz looks for people who respect entrepreneurs. The venture-capital firm made early investments in Facebook, Airbnb, and Lyft; it currently manages a total of $10 billion in assets. When the firm's leadership interviews candidates for positions there, they want to know first and foremost that the person respects entrepreneurs, and that they know how hard it is to build a successful business from the ground up. A candidate who displayed empathy for the entrepreneur would answer the question about Neumann with something like the following, Horowitz said: "He did an unbelievable thing in that he built something that almost nobody has done, which is he built a consumer brand in commercial real estate." Many of the firm's partners are entrepreneurs themselves; Horowitz and his cofounder Marc Andreessen previously founded Opsware, which they sold to Hewlett-Packard for $1.6 billion in 2007.

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Turmoil clouds WeWork’s Vancouver expansion plans - Real Estate

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One of Vancouver’s largest office real estate tenants, WeWork, is in turmoil after ousting its CEO, indefinitely postponing its initial public offering (IPO), laying off workers and watching its market valuation plummet. The troubles could affect the 678,000 square feet of Metro Vancouver office space that CBRE counted the co-working-space company as either occupying or intending to occupy. “Our understanding is that anything they have committed to already in Vancouver they will move ahead with.”. If WeWork does try to get out of lease commitments, the good news for the company is that Vancouver has a hot commercial real estate market. Dubuque said that when Colliers needs to bring on people to complete projects and it needs extra office space for varying short periods of time, it is helpful if it can locate those workers in the same building, in a co-working space. If it instead has to go to the landlord and ask to lease its own designated space, the landlord can demand that Colliers lease the space for a longer time period than needed, Dubuque said.

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Despite Free-Flowing Kombucha, WeWork Tenants Feel Unease

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WeWork’s stock market fiasco has yet to reverberate much for its more than 600,000 tenants, spread across a global empire of gracefully designed co-working offices. But beneath the work-and-play cheer, there’s unease as WeWork embarks on a painful restructuring that will include thousands of layoffs as early as this week. Shannon Wilkinson, CEO of a small online reputation management firm, says her clients rave about the vibe at her WeWork in midtown Manhattan, where visitors walk into a loft-like space with cozy leather couches and a large sign reading “fortune favors the brave.” Floor-to-ceiling windows offer views of a neighborhood known as billionaire’s row, but Wilkinson pays just $95 a month for a basic WeWork membership. Not far away, though, Lanny Grossman doesn’t get the same vibe from the WeWork near Grand Central station, where the owner of public relations firm EM50 Communications shares a two-person office. WeWork has said that the layoffs will not include the small “community teams” that work inside the shared offices spaces, and that many job cuts will come from sides businesses the company is selling.

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WeWork Layoffs: WeWork says job cuts to begin ‘in earnest’ this week in U.S.

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WeWork says job cuts to begin ‘in earnest’ this week in U.S. After the company’s valuation plummeted from $47 billion to about $8 billion, WeWork is seeking to cut costs and show a path to profitability in order to potentially attempt an IPO again next year. Executive Chairman Marcelo Claure told staff in an email Monday that the process, which will involve eliminating and scaling back some functions and responsibilities, “will make us stronger and better able to generate even more opportunities over the coming months and years.”. Soon after withdrawing its registration for an initial public offering in September, WeWork told staff to brace for extensive job cuts. People familiar with the matter have said they could total about 2,000 or some 16% of the global workforce. Some of those cuts have already begun. Claure said he plans to brief staff about the company’s future on Friday, when he’s expected to tease a five-year plan for WeWork.

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Exclusive: New York State Attorney General investigating WeWork - sources

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NEW YORK (Reuters) - The New York State Attorney General (NYAG) is investigating WeWork, according to two people familiar with the matter, adding to a mounting series of problems that have turned the workspace provider from a Wall Street darling to a pariah in a matter of weeks. The company, which is expected to lay off thousands of employees beginning this week as it faces ballooning losses, confirmed on Monday that it had been contacted by the office of the NYAG, Letitia James. Neumann bought properties which he then leased back to WeWork, borrowed against his own stake in the company, and had also planned to charge WeWork almost $6 million to use his trademark of the word "We" after the company rebranded itself The We Company. WeWork agreed to a rescue by its largest shareholder, Japanese technology investment company SoftBank Group Corp, last month as it faced a cash crunch. SoftBank agreed to inject $6.5 billion in debt and equity into WeWork and to fund a $3 billion buyout of existing shareholders, including $1 billion for some of Neumann's shares.

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Exclusive: New York State Attorney General investigating WeWork - sources

WEW

NEW YORK (Reuters) - The New York State Attorney General (NYAG) is investigating WeWork, according to two people familiar with the matter, adding to a mounting series of problems that have turned the workspace provider from a Wall Street darling to a pariah in a matter of weeks. The company, which is expected to lay off thousands of employees beginning this week as it faces ballooning losses, confirmed on Monday that it had been contacted by the office of the NYAG, Letitia James. Neumann bought properties which he then leased back to WeWork, borrowed against his own stake in the company, and had also planned to charge WeWork almost $6 million to use his trademark of the word "We" after the company rebranded itself The We Company. WeWork agreed to a rescue by its largest shareholder, Japanese technology investment company SoftBank Group Corp, last month as it faced a cash crunch. SoftBank agreed to inject $6.5 billion in debt and equity into WeWork and to fund a $3 billion buyout of existing shareholders, including $1 billion for some of Neumann's shares.

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Monday, November 18


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NYT: WeWork May Lay Off Thousands

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WeWork is preparing to cut at least 4,000 jobs in a bid to achieve financial stability and those layoffs could be announced as early as this week, the New York Times reported. As many as 6,000 employees could ultimately be laid off, one person told the Times. Last week, WeWork told investors it lost $1.25 billion on revenue of $934 million in the third quarter — losses were up more than 150% from the same period a year ago. Meanwhile, WeWork is drawing scrutiny from the U.S. Securities and Exchange Commission over whether the co-working company violated financial rules in the run-up to its failed initial public offering, two people with knowledge of the matter told Bloomberg late Friday. The agency’s enforcement division is reviewing WeWork’s business and its disclosures to investors amid a number of news articles that highlighted potential conflicts of interest and the company’s aggressive fundraising, the people said.

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WeWork Layoffs: WeWork may lay off thousands

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Further, roughly 1,000 building maintenance employees will be transferred to an ... By New York Times | Updated: Nov 18, 2019, 09.25 AM IST. WeWork, which leases office space from landlords, refurbishes it and rents it out to its customers, shelved plans for an initial public offering in late September after investors were put off by the company’s losses and had questions about its corporate governance. SoftBank, the Japanese conglomerate that is WeWork’s largest outside shareholder, last month announced a plan to bail out the company and is now trying to stabilize the business. But it is not clear how far the plan, which rests on selling billions of dollars of new WeWork bonds to investors, has progressed. Neumann, who agreed to cede control over WeWork after stepping down from the chief executive post in September, stands to receive an exit package worth around $1 billion. As part of that, he will receive a $185 million consulting fee for four years and can sell nearly $1 billion of his shares in the company to SoftBank. WeWork has assured employees that every member of its cleaning and facilities teams will keep their jobs and receive the same level of pay and comparable benefits. But employees who choose not to transfer will lose their jobs and receive no severance, according to a document provided to employees that was reviewed by The Times.

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Friday, November 15


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CNBC: T-Mobile CEO John Legere won't be the next WeWork CEO

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CNBC: T-Mobile CEO John Legere won't be the next WeWork CEO. Legere is still working to complete T-Mobile's merger with Sprint. Earlier this week T-Mobile CEO John Legere's name popped up as a possibility to take over the top spot at WeWork after its failed IPO and ouster of co-founder Adam Neumann. However, subsequent rumors clarified that he was just one of the potential replacements, while today CNBC reports that Legere isn't taking the job and has "no plans" to leave T-Mobile. The report also cites people with knowledge of the matter as saying he was not the top candidate for the job, which would have presented a tricky transition as Softbank is both the majority owner of WeWork, and Sprint, which his company is still in the process of merging with.

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