WeWork has confirmed that it is shutting down its first location located on 154 Grand Street in New York City.
The company is in the midst of reorganizing its real estate portfolio in an effort to become profitable. The 3,000 square foot location was one that did not make the cut as new CEO Sandeep Mathrani continues to renegotiate leases, or back out of locations that simply aren’t working.
The lease on Grand Street is expiring this year, and the company revealed to members it would be closing the location at the end of July.
“I am writing to let you know that after ten years our lease at the WeWork location at 154 Grand Street in Soho will soon expire,” a representative for the company wrote in a letter to members. “We have reflected on the past 10 years and the indelible mark this building has left on us, our community, and the company as a whole.”