WeWork loses five of its 11 metro Atlanta locations in bankruptcy

A WeWork spokesperson said its members based at 725 Ponce have been notified and will be transferred to another location.

The company will continue to operate its Midtown offices in Coda at Technology Square, Colony Square and 881 Peachtree Street; its Decatur office at 120 W Trinity; its Dunwoody office at 1155 Perimeter Center West; and its Buckhead office at Terminus – a location also owned by Cousins.

In addition to 725 Ponce, WeWork reduced leases at The Interlock in West Midtown, Boundary in Midtown, Tower Place 100 in Buckhead and Halcyon in Forsyth County.

Some of these locations now have a reduced footprint following lease renegotiations.

In November, before declaring bankruptcy, WeWork’s 11 Atlanta-area locations combined about 623,000 square feet of workspace. WeWork did not have updated square footage numbers for its six locations that currently remain open.

WeWork does not own any office buildings. Instead, it rents office space from landlords, then designs its offices and sublets its spaces to individuals, small businesses and even Fortune 500 companies, usually on a short-term basis. Earlier this year, Travelers Co. opened an innovation center within WeWork’s Coda offices.

Made famous by its eccentric co-founder and former CEO Adam Neumann, WeWork’s rise and fall is among the greatest corporate collapses in U.S. history. The company was once valued at $47 billion, but a failed 2019 IPO, controversies involving Neumann and the impacts of the COVID-19 pandemic on the broader office market combined to drive down the the company’s stock price and its ability to raise new capital.

The company hopes to emerge from bankruptcy by the end of May. Peter Greenspan, WeWork’s global head of real estate, said he was “extremely grateful to our landlords for their collaboration and partnership” in revamping the company’s leases in Atlanta and other major cities.

“Together, we are more confident than ever in WeWork’s future across their properties,” he said in the release.