In The Loop: WeWork Ends Plans For Baltimore, Ucommune Goes Public, And The Wing Faces Lawsuit Over Missed Payments

Ucommune, China’s largest coworking space operator, went public at 75% discount from its 2018 valuation.

WeWork Backs out of Coworking Location in Baltimore

Technical.ly reported this week that WeWork and Armada Hoffler Properties agreed to terminate the lease for the planned space in a new building at Harbor Point. According to the report, this “ends plans for what would have been the first Baltimore coworking space from the well-known and once highly valued company that became synonymous with tech expansion before hitting turmoil that has led it to pull back in many areas.”

The Wing Faces Lawsuit over Missed Rent

Commercial Observer reported this week that “Thor filed a lawsuit in Manhattan Supreme Court on Wednesday accusing The Wing of not paying rent, electricity and real estate taxes for its nearly 12,000-square-foot space since April.” In addition to the lawsuit, the landlord reportedly also hit the coworking company with over $10,000 in late fees for the missed payment. Due to the coronavirus pandemic, The Wing has struggled financially over the past months. The company has laid off the majority of its hourly workers and half of its corporate workforce and let go of 56 workers this month alone. 

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Ucommune Goes Public

The chinese coworking company has finally gone public, Mingtiandi reported this week. However, Ucommune achieved its listing at a valuation nearly one’quarter of its peak pricing. According to the report, the company “agreed to merge with NASDAQ-listed Orisun Acquisition Corp. in a reverse takeover deal that values the combined entity at $769 million, down from the $3 billion valuation that the Beijing-based firm achieved two years ago.”

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