WeWork leasing was a disaster in 4Q2019 after IPO failure and SoftBank rescue. CompNy only leased 184K SFT in 4 leases in 4Q2019 compared to leasing 2.5M SFT in 4Q2018.
Spaces brand of Regus (IWG) took over too Appt among flexible space leasing with 285K SFT lease. The hole looks too deep to climb out of for SoftBank and it may likely need to write down all of its investment over next 3-5 years. IPO investors dodged a bulletin on this one as company was initially looking to sell shares at valuation of $24B to $48B.
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