{"id":1004702774,"date":"2024-02-18T10:00:18","date_gmt":"2024-02-18T18:00:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004702774"},"modified":"2024-02-19T22:26:47","modified_gmt":"2024-02-20T06:26:47","slug":"new-wework-suitor-emerges","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-wework-suitor-emerges\/","title":{"rendered":"New WeWork Suitor Emerges"},"content":{"rendered":"
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Potential bidders are eyeing WeWork and its footprint, which includes this 44,313-square-foot space at 250 E. 200 South in Salt Lake City. Image courtesy of WeWork<\/em><\/p><\/div>\n

A home rental platform is the latest suitor to emerge in pursuit of WeWork<\/strong>. Rentberry<\/strong> said on Friday that it will unveil a proposal this week to acquire the flexible office provider, which filed for Chapter 11 bankruptcy protection in November.<\/p>\n

Rentberry did not disclose financial details or the expected date of the offer. In a statement, the San Francisco-based company said that WeWork\u2019s model would complement Rentberry\u2019s proprietary Flexible Living model, which enables residents to rent furnished properties without security deposits for as much as one year. The resulting network would cater to the lifestyle needs of mobile professionals, the company added.<\/p>\n

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The company\u2019s partners would include Berkeley Hills Capital<\/strong>, described on its website as a venture capital firm focused on early-stage companies in real estate, biotechnology, health care and other sectors. Of note, Rentberry\u2019s also cited a collaboration with PJT Partners<\/strong>, a New York City-based investment bank that also serves as an adviser to WeWork.<\/p>\n

WeWork buyout rumors<\/h2>\n

Rentberry\u2019s planned bid follows widely circulated reports by CNBC<\/a>, DealBook and other sources this month that WeWork\u2019s ousted founder, Adam Neumann<\/a>, wants to buy the company out of bankruptcy. Neumann initially said that his buyout plan had backing from Third Point<\/strong>, the opportunistic investment manager led by investor Dan Loeb. But Third Point later told CNBC that any discussions were preliminary and that the company \u201chas not made a commitment\u201d to a deal.<\/p>\n

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Meanwhile, WeWork is publicly expressing no interest<\/a> in accepting a buyout offer. In a Feb. 6 statement that did not mention the reports of Neumann\u2019s potential bid, the company said that it regularly receives \u201cexpressions of interest,\u201d which it reviews in concert with its advisers. WeWork added that its initiatives, which emphasize restructuring the business and \u201caddressing unsustainable rent expenses,\u201d will position it as an independent company for the long term.<\/p>\n

In a separate statement, WeWork said on Jan. 29<\/a> that it has achieved more than $1.5 billion in rent savings through 60-plus lease agreements. It also stated that it has filed motions in court to assume leases at four properties:<\/p>\n