The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
WeWork has backed out of an ambitious project to outfit a 36-story tower in Seattle with co-working space and its co-living offshoot, as the company looks to shore up its finances.
WeWork won’t lease the building at 3rd Ave and Lenora St from Martin Selig Real Estate, according to a joint statement from the companies.
The decision leaves one of Seattle’s biggest office landlords without a tenant just as a major new project is nearing completion.
“As part of WeWork’s commitment to refocus on its core business, WeWork and Martin Selig Real Estate have mutually agreed to not move forward with the planned WeWork-WeLive Belltown Seattle project,†the companies said. WeWork is still planning to open a location in another Martin Selig Real Estate building in Seattle’s Ballard neighbourhood.