Global co-working giant WeWork will be closing its Capitol Hill location on 11th Avenue, following the company’s recent bankruptcy filing. Founded in 2010, WeWork has a vast network of locations worldwide, including downtown Seattle, Chinatown-International District, Ballard and Bellevue. According to the Seattle Times , this closure is part of the company’s strategic restructuring efforts.
In November 2023, Softbank Group-backed office share company filed for Chapter 11 bankruptcy protection in New Jersey federal court. With liabilities ranging from $10 billion to $50 billion reported in their filing documents,the once valued at $47 billion company faced financial challenges.
A spokesperson stated that “as part of our strategic restructuring efforts,” they have made the difficult decision to end operations at Kelly-Springfield and offered affected members relocation options with support available at other Seattle locations. The spokesperson also apologized for any inconvenience caused by this decision.
The article titled “WeWork Closing Capitol Hill Location Amid Bankruptcy” was originally published on Connect CRE website.
