In The Loop: Convene, WeWork, And Corporate Suites

Convene’s co-founder and vice-chairman, Chris Kelly, is stepping down at the end of the year

Convene’s co-Founder, Chris Kelly, to Step Down

The Commercial Observer reported this week that, Chris Kelly, the co-founder and vice-chairman of Convene, ‘will be stepping down from his position at the end of the year.” Kelly made the announcement earlier this week while addressing the company at a town hall meeting. Kelly’s last day with the company will be December 31st of this year, but he will stay on “in advisory capacity.”

SoftBank to Launch WeWork Stock Tender Offer 

Last week, news outlets reported that Japanese Investment Conglomerate, SoftBank, was intentionally delaying its $3 billion tender offer for WeWork shareholders in order to revise the offer documents. This week the wait is over as SoftBank is set to launch the $3 billion tender offer to WeWork this week. According to The Real Deal, “the deal will now move forward at the previously announced price of $19.19 per share.” This offer is part of SoftBank’s $9.5 billion bailout plan for WeWork. 

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Corporate Suites Members Evicted from Midtown Tower

The Real Deal reported earlier this week that “tenants of Corporate Suites, a firm that subleases office space in a half-dozen locations across Midtown, were evicted from its offices at 1001 Sixth Avenue on Friday (Nov. 22) morning.” Tenants were reportedly given 15 minutes to pack their belongings and leave the premises. According to the marshal who evicted those in the premises, the evacuation was a result of “nonpayment of rent by the tenant.”

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