WeWork has recently closed its Back Bay location at 200 Berkeley St. in Boston and terminated its lease agreement with building owner, John Hancock, as part of the company’s bankruptcy proceedings. According to a report from the Boston Business Journal, WeWork has also failed to pay rent for January at two other locations in Boston – 33 Arch St. and 501 Boylston St.
These closures and financial challenges add to the already struggling office market in Boston which is currently facing high vacancy rates and an increase in sublease space. Despite these setbacks, WeWork still maintains seven open locations within the city of Boston and one location in Cambridge.
This news highlights WeWork’s ongoing struggles but does not affect their presence or operations within Massachusetts’ commercial real estate market.
