In brief
With a potential WeWork restructuring on the horizon, this article explores some unique issues landlords may face under their WeWork leases, with a focus on how courts around the world might address them.
Key takeaways
Landlords have built spaces that specifically cater to WeWork’s focus on co-working arrangements. As WeWork attempts to shed leases in a restructuring, landlords may be left with specially built spaces that are difficult to re-let. This may be particularly difficult when landlords have agreed in their WeWork leases not to compete for a period after termination of the lease. Landlords will have to study their leases closely to develop strategies for addressing this issue. Landlords also will need to understand what actions they can (and cannot) take during any formal proceeding to protect their interests. A recurring theme in the advice in this article is that landlords may need to get creative.
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Contributors: Juan Bernardo Garcia (Mexico, Real Estate), Sebastian Busa (Australia, Real Estate), Gledson Campos, Trench Rossi Watanabe* (Brazil, Restructuring & Insolvency), Kwun-Yee Cheung (Hong Kong, Restructuring & Insolvency), Emmanuel Chua (Singapore, Restructuring & Insolvency), Karol Czepukojć (Poland, Restructuring & Insolvency), Debra A. Dandeneau (US, Restructuring & Insolvency), Rossana D’Onza (Spain, Restructuring & Insolvency), Javier Jaime Gonzalez (Mexico, Restructuring & Insolvency), Weronika Guerquin-Koryzma (Poland, Real Estate), Anastasia Herasimovich (US, Real Estate), Irvin Ho (Singapore, Restructuring & Insolvency), Maki Kawamura (Japan, Real Estate), Masayoshi Kobayashi (Japan, Restructuring & Insolvency), Ian Innes (Australia, Restructuring & Insolvency), Hiroshi Kasuya (Japan, Restructuring & Insolvency), Paloma Martinez-Lage (Spain, Antitrust & Competition), Michael Nowina (Canada, Restructuring & Insolvency), Maria O’Brien (Australia, Restructuring & Insolvency), Joachim Ponseck (Germany, Restructuring & Insolvency), Stefanie Price (UK, Real Estate), Ikeda Seishi (Japan, Real Estate), Artur Swierczok (Germany, Restructuring & Insolvency), Goto Soichiro (Japan, Restructuring & Insolvency), Junya Suzuki (Japan, Restructuring & Insolvency), Rebecca Tan (Australia, Real Estate), Kazuaki Tsukahara (Japan, Restructuring & Insolvency), Sarah Winston (US, Real Estate), Jose Luis Yus (Spain, Restructuring & Insolvency)
*Trench Rossi Watanabe and Baker McKenzie have executed a strategic cooperation agreement for consulting on foreign law
