News & Press
The Ghost of Office Past, Present and Future: How Landlords Are Managing After WeWork’s Bankruptcy
Excerpted from the article published by Bisnow
Several property owners have already been unable to extend their loan terms. At least two former WeWork locations have been sentenced to receivership. Another three are staring down likely foreclosures, and others are in negotiations with special servicers, according to a Bisnow analysis of CMBS commentary and other reports.
“Would you want to give a five-year loan to somebody who has a tenant that’s expiring?” Anchin Real Estate Group Leader Robert Gilman said. “If you had to put all their New York City leases and line them up, some are going to fall in the bucket that they’re lendable, and some are going to fall in the bucket that they’re not.”