WeWork dumps several Manhattan locations

first_img261 Madison Avenue and 205 East 42nd Street are among the closed locations. (Sapir, Durst, WeWork) WeWork recently exited several leases in Manhattan as the company eyes turning a profit by the end of the year — and a potential public offering via a special-purpose acquisition company.In recent weeks, the company closed and exited four locations in Midtown, Soho and the Meatpacking District, a WeWork spokesperson confirmed to The Real Deal. It’s also relocating members from a fifth location in Midtown where the company is in discussions with its landlord about the space.“Over the last twelve months, WeWork has continued to rationalize its global real estate portfolio as a part of the company’s plan to achieve profitability,” the spokesperson wrote in an email. “With an abundance of supply in the market, we have worked with our landlord partners to rightsize our footprint across New York City where we will continue to provide our members with unmatched space, service, and flexibility.”The closed locations are at the Sapir Organization’s 261 Madison Avenue, the Chetrit Group’s 404 Fifth Avenue and 428 Broadway, and William Gottlieb Real Estate’s 1 Little West 12th Street. At the Durst Organization’s 205 East 42nd Street in Midtown, where WeWork leases 125,000 square feet, the co-working company has told members it’s closing the space and is relocating them to other locations.A spokesperson for the Durst Organization said WeWork’s vacancy “provides an opportunity to reposition the space, activate a dozen outdoor terraces and collect a higher rent.” The closures come as WeWork looks to become profitable by the fourth quarter of this year. CEO Sandeep Mathrani told Reuters earlier this month that the company is “completely on track” to turn a profit by year’s end. He said the firm has $3 billion on its balance sheet, enough to get the firm through 2022.Mathrani and the company’s board have also been in discussions to go public via a SPAC affiliated with BOW Capital Management and at least one more SPAC. The deal would value the firm at around $10 billion, according to the Wall Street Journal, which first reported the news.WeWork may also consider an additional private investment round. “Our significant progress combined with the increased market demand for flexible space, shows positive signs for our business,” a spokesperson for the firm told the publication. “We will continue to explore opportunities that help us move closer towards our goals.”WeWork hired JLL and Newmark Knight Frank last year to review the company’s portfolio and cut costs by negotiating rent relief or converting leases into profit-sharing agreements. Mathrani in June said the company was rethinking one in five leases.Contact Rich Bockmann TagsChetrit Groupdurst organizationsapir organizationWeWork Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Message* Email Address* Full Name*last_img read more

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ANOTHER ELECTION HAS COME AND GONE. NOW WHAT?

first_imgThat’s over with. And not a moment too soon.It’s usually at this point when I start reviewing what I’ve seen and heard over the past several months and try to make some sense of it, not unlike what a psychologist might do with a particularly vivid and disturbing nightmare.The problem with political campaigns in general and TV ads, in particular, is that there really are no rules anymore. It’s Thunderdome. Mischaracterizations, misrepresentations, quotes out of context – anything goes. You can say anything about anyone. And yet, they keep coming. Negative political ads are up 60 percent since 2014, according to the Wesleyan Media Project, which tracks political advertising.As much as we complain about the process, the main reason candidates go negative is because it works. An Emory University study released in May revealed that a 1 percent increase in negative advertising by a candidate significantly boosts the candidate’s chance of winning.Yes, that means it’s our fault. We’re evidently buying a good bit of what’s being sold, no matter how misleading or outrageous it might be.By now we’ve seen just about everything short of someone photoshopping devil horns on his opponent. And that’s probably not far off.This year’s campaign season featured a new wrinkle,’ a candidate inflicting punishment on himself.Far-left progressive, Levi Tilleman, of Colorado, who ran his campaign for Congress on the “Everything-is-Free-Forever” platform, was voluntarily pepper sprayed in an ad. He was attempting to demonstrate his support for non-lethal weapons in schools as an alternative to arming school employees.Tilleman was rendered helpless. Apparently, so was his campaign because he lost in the primary.This and many other not-so-shining campaign moments are now committed to history.But who will ever forget Minnesota Democrat Richard Painter standing in front of an actual dumpster fire saying, “There’s an inferno raging in Washington!”? Painter ran for Al Franken’s vacated Senate seat and was trounced in the primary.Or how about rogue Republican Senate candidate Don Blankenship of West Virginia, who referred to Senate Majority Leader Mitch McConnell’s family as his “China family”? He too lost in the primary.As we take stock and digest Tuesday results, where are we?Donald Trump is still in the White House. Republicans are still in control of the Senate. The Democrats now hold the majority in the House.I’d like to believe that our elected representatives in Washington will see divided government as an opportunity to show some actual leadership and seek compromise on difficult issues. And I’m not the only one.“I believe that there is an opportunity for Democrats to reach across the aisle and pass an impactful infrastructure bill and, believe it or not, a comprehensive immigration reform bill,” wrote Democrat and former Pennsylvania Governor Ed Rendell in an opinion piece for Foxnews.com. “Both infrastructure and immigration reform have enjoyed bipartisan support in the past and I think there is a real potential to hammer out positive responses to these two important challenges.”Rendell is a smart guy and he knows it would be a mistake for Democrats to use their majority as a tool for both obstruction and further investigation of the Trump administration.Rendell also knows that if the Democrats overplay their hand, the main beneficiary is likely to be Donald Trump in 2020.Whatever motivation the Democrats might have for focusing on policy, I’m not exactly percolating with optimism that it will happen and here’s why.Democratic Rep. Maxine Waters, who has urged her supporters to harass members of the Trump administration, is set to become chair of the powerful House Financial Services Committee.Outspoken Trump critic, Democratic Rep. Adam Schiff, is poised to assume leadership of the House intelligence committee.Rep. Nancy Pelosi could wind up House speaker once again. Pelosi said Tuesday night that this election was about “stopping the GOP.”These are not moderate Democrats searching for common ground with their Republican colleagues. This is the anti-Trump resistance and any legislative effort that ends with Trump receiving even a modest amount of credit will trigger a partywide reach for airsick bags.Passing an infrastructure bill that actually does some good should be easy. Everyone wants good roads and bridges.Unfortunately, as we’ve seen too often, just because something makes sense doesn’t mean it will happen.And not much will make sense to the rest of us until our lawmakers realize that checks and balances and obstruction are not the same thing.–FOOTNOTE: Rich Manieri, distributed by Cagle Cartoons newspaper syndicate.This article was posted by the City-County Observer without bias, opinion or editing.FacebookTwitterCopy LinkEmailShare ANOTHER ELECTION HAS COME AND GONE. NOW, WHAT?by Rich Manieri, November 9, 2018last_img read more

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