Consolidating Offices
Commercial Observer
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A big trend in the office market right now is companies consolidating their addresses into one main location. The latest example of this is ticket sales platform StubHub taking 44,000 square feet in New York’s 3 World Trade Center to consolidate its local offices. Also, everyone’s favorite example of pre-pandemic hubris, WeWork, is looking to restructure $3 billion-plus in debt to carry its operations for another few years.
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— Tom Acitelli, Co-Deputy Editor
StubHub Consolidates NYC Offices to 44K SF at 3 World Trade Center
This office is now a big-ticket item. StubHub has found a new assigned seat for its New York City offices at 3 World Trade Center. The ticket sales platform signed a lease for 44,000 square feet on the 59th floor to consolidate several of its Manhattan locations, according to landlord Silverstein Properties, which declined to provide the length of the lease. Asking rent was $125 per square foot.
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WeWork in Talks With Lender to Restructure $3B in Debt
Faced with dwindling cash reserves and the possibility of loan defaults, WeWork tapped its investors to raise more funds and restructure its outstanding debt of more than $3 billion to carry the ailing company a few more years. Among those investors that might give the coworking firm an infusion of funds is Yardi, which has invested in the past, while WeWork shores up its credit with SoftBank, a Japanese investment conglomerate, according to The New York Times. WeWork declined to comment on the efforts.
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