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Originally Posted by Robert.hampton
Anyone know the story of why WeWork backed out? They are expanding like crazy and opened a new hq in a signature tower in sf......but decided denver wasn't their market for more afte signing an loi ??? Smells fishy
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Let me guess that you're referring to WeWork having executed a Letter of Intent to lease space in 1144 15th St and later deciding not to take the space?
I was only aware of WeWork being a growing successful company but w/o that much of a presence in Denver I paid little attention. One of the knocks on WeWork is that they're just a real estate company renting out space and not worthy of their high valuation since there's no disruptive tech involved. But that was before they received a $4.4 billion investment from Softbank, a Japanese company. Not aware of the terms but that is obviously a game changer.
It appears they want to change the focus of the company somewhat, perhaps by leasing out space to tech companies for shorter term project specific or just expansion purposes. Or according to this article:
Now WeWork Wants To Build Out Your Office And Run It For You. They've also been expanding internationally.
It could be that Denver doesn't have enough of a presence of larger tech companies like an Austin for example. It could be that they want to focus on larger, more international cities. It could be that they want to spend predominantly on overseas expansion creating a world-wide brand. It could be any number of things.
For anyone who's curious
Recode has an informative article featuring WeWork's pending new HQ in the new Salesforce Tower pending construction completion.