WeWork Rebounds in NYC After Bankruptcy

The coworking company is growing again with a new 37,000-square-foot lease, years after its high-profile collapse.

Published on Mar. 9, 2026

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WeWork, the coworking company that famously crashed and burned in 2019, is now growing again in New York City. The company has signed a new 37,000-square-foot lease at 511 Fifth Avenue, adding to its 3.3 million-square-foot portfolio of coworking spaces across the city. This marks a stark contrast from WeWork's earlier days under founder Adam Neumann, when the company rapidly expanded despite chronic losses. Today's WeWork is a more disciplined and sustainable operation, led by CEO John Santora, who has focused on downsizing, paying off debt, and restructuring leases with landlords.

Why it matters

WeWork's resurgence in New York City is a testament to the company's ability to adapt and recover after its highly publicized downfall. The coworking industry has evolved significantly since WeWork's initial boom, with changes in work culture and the rise of hybrid work models. WeWork's new, more measured approach signals that the company has learned from its past mistakes and is positioning itself for long-term success.

The details

WeWork's new 37,000-square-foot lease at 511 Fifth Avenue is part of the company's growing portfolio in New York City, which now totals 3.3 million square feet across 36 locations. The deal was brokered by JLL's Peter Riguardi for WeWork and JLL's Mitchell Konsker for the landlord. WeWork will also partner with the building's owners, Aurora Capital and Jeff Sutton, to create a 9,000-square-foot co-working lounge. This measured, targeted approach is a far cry from WeWork's previous rapid expansion under Adam Neumann, when the company seemed to announce new deals every week at high-profile locations.

  • WeWork emerged from bankruptcy in June 2024.
  • WeWork's worldwide revenue rose from $2.2 billion in 2024 to $2.3 billion in 2025.

The players

WeWork

A coworking company that provides shared office spaces and related services. WeWork has a growing portfolio of 45 million square feet of coworking space globally, including 3.3 million square feet in New York City.

Peter Greenspan

WeWork's global head of real estate, who oversees the company's real estate strategy and portfolio.

John Santora

The CEO of WeWork since 2024, who has focused on downsizing, paying off debt, and restructuring leases with landlords to put the company back on a more sustainable path.

Adam Neumann

The founder of WeWork, who led the company through a period of rapid expansion and high-profile failures before exiting the company.

Aurora Capital

A real estate investment and development firm that owns 511 Fifth Avenue, where WeWork has signed a new lease.

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What they’re saying

“We're growing again, sensibly and sustainably, in line with demand. We recently added locations at 250 Broadway and 245 Fifth Avenue, and now, 511 Fifth Ave.”

— Peter Greenspan, WeWork global head of real estate (New York Post)

“We emerged with a very optimized portfolio in 2024 and a very good footprint across world.”

— Peter Greenspan, WeWork global head of real estate (New York Post)

The takeaway

WeWork's resurgence in New York City demonstrates the company's ability to adapt and recover after its highly publicized downfall. The coworking industry has evolved, and WeWork's new, more measured approach signals that the company has learned from its past mistakes and is positioning itself for long-term success in the changing work landscape.