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WeWork turns to schools to fill space

WeWork CEO Sandeep Mathrani told CNBC that the company is in discussions with private schools in New York City about conducting classes in its office spaces this fall. Mathrani said the goal is to help schools reduce the density while still allowing for in-person instruction despite the threat of the coronavirus.

  • Worth Noting: WeWork has over 100 locations in New York City, according to Mathrani, who became CEO in February, five months after the company scrapped a plan to go public last year amid valuation and governance concerns that led to the departure of founder Adam Neumann.
  • Best case scenario: In the U.S. cities that have been opened up for a few weeks (e.g. Atlanta and Miami), Mathrani said, “we’re seeing about 50% return to work in a short period of time… So we do think it may follow the same path as China, which is about 60 days, you should see it back to 80, 90%.” [CNBC]

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