Hundreds of landlords are exposed to WeWork via $47.2bn of rental commitments, with little recourse if the office space company fails to pay.
More than 220 landlords have leased space in the US to WeWork and more than 50 in the UK, according to CoStar, a real estate data firm, as the company expanded rapidly to become the largest office tenant in Manhattan and central London.
The CoStar data show that TIAA-CREF, Boston Properties, Beacon Capital Partners and Moinian Group are among the biggest US landlords to WeWork, which published its prospectus last week ahead of a highly anticipated initial public offering.
We Work sublets the space to businesses from start-ups to large corporations on a short-term basis. The mismatch in rental periods is seen by many in the industry as a potential weakness in its model during a recession.