The We Company reverts to WeWork name, Real Estate News, ET RealEstate

NEW YORK: The We Company, parent of money-losing shared office provider WeWork, which last year yanked plans to go public after harsh criticism over its business model and erratic management, is dropping the “we” moniker to revert to its better-known name, according to an internal memo seen by Reuters. Restoration of WeWork as the official […]

WeWork sells control of China unit to Trustbridge Partners, Real Estate News, ET RealEstate

BENGALURU | SHANGHAI: U.S. office-sharing firm WeWork on Thursday said it will sell control of its China division to one of its investors – private equity firm Trustbridge Partners – as it steps back from a competitive market where it has suffered low-occupancy rates. The deal effectively offloads the China unit away from the parent, […]

Coronavirus-fueled uncertainty could accelerate consolidation of flexible office spaces, Real Estate News, ET RealEstate

BENGALURU: The flexible office space is expected to undergo a major consolidation phase with uncertainty looming large on the segment due to the Covid-19 pandemic and a resultant demand slump. While a large operator like RMZ is exiting the business, global major WeWork plans to expand as per client specifications only for some time. Awfis […]

WeWork appoints Benjamin Dunham as CFO, Real Estate News, ET RealEstate

BENGALURU: Office-sharing startup WeWork on Wednesday appointed Benjamin Dunham as its chief financial officer, replacing Kimberly Ross. Dunham, most recently the finance head of WeWork Americas, will assume office on Oct. 1, the company said. Ross, who joined the firm in March as part of a broader top management overhaul being undertaken by Chairman Marcelo […]

WeWork gets new $1.1 billion commitment from SoftBank, Real Estate News, ET RealEstate

NEW YORK: The owner of money-losing shared office provider WeWork told employees on Thursday it has slashed its cash burn rate almost in half from the end of last year and obtained a $1.1 billion commitment in new financing from majority owner SoftBank Group Corp. The company said in an e-mail to employees that its […]

Netflix leases 8,860 sq ft office space from WeWork in Mumbai, Real Estate News, ET RealEstate

BENGALURU | MUMBAI: Online video streaming platform Netflix has signed a flexible workspace deal for an entire floor at WeWork’s Nesco coworking centre in Goregaon, Mumbai. The transaction for 8,860 square feet, for about 320 seats, was signed on June 30, people aware of the deal said. It will be used to execute visual effects […]

ByteDance signs office space deal with WeWork, Real Estate News, ET RealEstate

BENGALURU | MUMBAI: Beijing-headquartered ByteDance has signed a flexible office-space deal for 1,250 seats at WeWork Nesco in Mumbai, even as uncertainties continue on the Chinese company’s India operations following the ban on its TikTok and other apps. According to the plan, the newly-leased property in the Goregaon suburb was to be used by ByteDance […]

Microsoft looks to lease 1.2 million sq ft of office space in Bengaluru, Real Estate News, ET RealEstate

Tech giant Microsoft is in talks with multiple builders in Bengaluru to lease over 1.2 mn sq ft office space to consolidate its operations in the city, two persons aware of the discussions, said. Microsoft currently occupies 5,50,000 sq.ft. in Outer Ring Road, the tech hub of Bengaluru. “In the first phase, the company is […]

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