WeWork exits Houndsditch

WeWork is closing down its 133 Houndsditch site and evicting its tenants.

WeWork tenants will have to vacate the site, although the firm is supposedly helping members move to nearby WeWork locations.  The flexible office space giant, however, are struggling with a debt crisis and serious doubts exist over its future.  WeWork are in the process of trying to renegotiate nearly all of its leases with its landlords in a bid to make itself more sustainable.

As part of its on-going strategy WeWork is also committed to exiting “unfit and underperforming locations” as well as amending lease terms and management agreements and invest further in its strongest assets.

WeWork say: “As part of WeWork’s efforts to achieve a sustainable capital structure and profitable business to serve our members for the long term, we made the decision to stop operating our location at 133 Houndsditch.  We look forward to continuing to provide our members with flexible space solutions across our other locations in London, which remains a key market for us.”

The firm says the global strategy would help it build a sustainable capital structure and a profitable business.

Despite offloading a number of leases and properties in the capital in recent years, the firm is still London’s largest private tenant with 3m sq ft in the capital.  Other major locations include 285,000 sq ft office in Canary Wharf’s 30 Churchill Place, owned by Brookfield Property Partners and the Qatari Royal Family, and a 300,000 sq ft office on the South Bank, owned by Almacantar.