WeWork staying put in Detroit amid restructuring

WeWork's leases at two Detroit offices will remain intact as the company struck a deal last month to exit bankruptcy.

Why it matters: The coworking space operator filed for Chapter 11 bankruptcy protection in November, leaving its leases in Detroit and elsewhere in limbo .

Driving the news: WeWork will remain open at 19 Clifford St. and 1001 Woodward Ave., the company announced .

• Existing lease agreements with Bedrock will be maintained. WeWork's footprint in other markets could be shrinking as part of its restructuring .

Flashback: WeWork closed a third Detroit location in the TechTown area at 6001 Cass Ave. in 2022.

Between the lines: WeWork reached a $450 million restructuring deal to exit bankruptcy by the end of May.

• Company co-founder and former CEO Adam Neumann is not involved, despite having wanted to buy back his former company.
• Yardi Systems, a property management software provider and WeWork service partner, would become the company's new majority owner with around a 60% stake.