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>aren't actually locked into their long term leases Can you elaborate on this?
by navigatesol 7y ago
>aren't actually locked into their long term leases
Can you elaborate on this?
- rdtwo 7y agoI’m on mobile so I can’t find the article but basically each lease is held by a barely capitalized independent entity. If WeWork wanted to close down a specific site they could merely shut down that specific entity without incurring obligations/fines/penalties to the entity of WeWork. Normal these sorts of things aren’t allowed and building owners won’t sign up for that but somehow WeWork was able to bamboozle a bunch of developers into agreeing to that.