WANY - Workspace Association of New York

SIMPLY … The Best Offices With Support Services, Virtual Offices & Meeting Rooms … ANYWHERE!

Quality … Standards … Hospitality … Value … Pricing … Customer Service

NY Regional Chapter Of: INCERT - International Cooperative of Certified Workspaces
facebook twitter linkedin blog

Directory Of
Standards-Compliant WANY
A+ Certified Office & Workspace Providers

ElevatedNY a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoMazzi Workplaces a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoCorporate Suites a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking Spacesgoto4 Corners Business Centers of Brooklyn, Forest Hills, Scarsdale and Southampton a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoEmerge212 a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoColony Workplaces Huntington, L.I. a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoNYC Office Suites a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoOffice Quarters of Allentown, PA a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoWorkspace by Rockefeller Group a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoMetro Offices a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoSelect Office Suites a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoCapespace of Cape Cod, MA a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoVirgo Business Centers a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoWestchester Business Center of White Plains and Chappaqua a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoCarr Workplaces a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoNYC Seminar & Conference Center a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoQuest Workspaces a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoPremier Workspaces a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking SpacesgotoYour Wall Street Office a Proud A+ Certified Member of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking Spacesgoto

Featured WANY A+ Certified Office and Workspace Providers

OUR COMMUNITY:

RAY LINDENBERG
Winning Workspaces
Hospitality Group
President

LAYTON DODSON
The Office Quarters
Sergeant-At-Arms

ANGELA OLIVO
Select Office Suites
NYC Host/Chair

EXECUTIVE DIRECTORS & PRESIDENTS SINCE 2005
PAUL CARTER
D. EDWARD BUNGERT
JOSEPH DETRANO
DAVID JAKUBOWSKI
ANDREA PIRROTTI

ETHICS & STANDARDS
RAY LINDENBERG
KATHLENE BUCHANAN
LAYTON DODSON
ED CARROLL

RECRUITMENT
LAURA KOZELOUZEK
WARREN HERSOWITZ
GEORGIA GOURNAS
DAVID JAKUBOWSKI

EDUCATION
ROBBIN ORBISON
ASHLEY BUCKNER
GREGG DE LOS REYES
MICHELLE STIEGLER

10/14/2019

What Would I Do If I Were the New CEO at WeWork?

By: Jeff Reinstein, CEO at Premier Workspaces

In 2002, I started running Premier Workspaces (formally Premier Business Centers), one of the largest shared workspace/coworking companies in the United States with 91 locations nationally.  Premier started by acquiring American Office Centers, which had 9 locations and filed bankruptcy in 2001.  In total, we have taken over and repositioned 74 shared workspace centers, most of which were distressed.  There has been no other company in the coworking space that I am aware of that has acquired and repositioned more failed or distressed centers than Premier Workspaces.  Premier has also never defaulted on a lease obligation in its 17-year history.

Just two years ago we took over seven co-working locations from a company called Real Office Centers (ROC) that ran into financial trouble.  ROC had a similar business model and look as WeWork.  We had to move very quickly to retain the employees and clients as well as getting control of the telephone and internet systems. We were able to take over all seven locations on very short notice (in one case only three hours) and stabilize them. We went back to more than 800 clients and asked them to re-sign new membership agreements, since the ROC agreements were no longer valid. After we stabilized those locations, we began the process of repositioning them, so that we could sign long term market leases and make a profit (unlike the prior operator).

Although SoftBank may infuse more money to keep WeWork going, based on the press reports that I have read WeWork is quickly running out of cash and has many projects still in development. If I were the new CEO of WeWork, here are the steps I would take:

1.     Stop all projects in development where construction hasn’t started, even if it meant walking away from a letter of credit, deposits, or other costs.
2.     Lay off all acquisition/new business employees.
3.     Sell or shut down all non-coworking business.
4.     Cancel any private plane costs or other extravagant company expenses and sell the plane.
5.     Renegotiate all of their master leases where they are losing money. In some cases that might mean reducing the size of some of the locations or closing them and relocating the customers to another property.
6.     Increase membership fees, since they are too low for the premium product that WeWork builds.
7.     Reduce the staff to roughly 2,500 employees. WeWork probably doesn’t need more than 3 employees per center (which totals 1,500 employees) and no more than 1,000 corporate employees including area managers.
8.     Finally, if I was the new CEO of WeWork and I couldn’t get enough landlords to work with me on restructuring the leases, I would have no other option, but to put the company into bankruptcy in order to force the landlords to renegotiate.

With these changes, WeWork will probably emerge a much smaller, leaner company and would be cash flow positive.

I am not aware of any other company in the shared workspace industry that has the experience Premier Workspaces does in dealing with these types of situations and repositioning centers, so I hope my insight is valuable.

Jeff Reinstein, CEO at Premier Workspaces
https://www.premierworkspaces.com/
https://www.linkedin.com/in/jeffreinstein/
jreinstein@premierworkspaces.com

Please, leave your comment

CAPCHA
Share this page on: facebook twitter linkedin

WANY Strategic Partners

  • DaVinci a Proud Strategic Partner of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking Spaces
  • Yardi Kube a Proud Strategic Partner of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking Spaces
  • IDK Cooling Corp a Proud Strategic Partner of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking Spaces
  • essensys a Proud Strategic Partner of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking Spaces
  • TrueView360s Virtual Tours a Proud Strategic Partner of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking Spaces
  • MorningStar Software a Proud Strategic Partner of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking Spaces
  • iPostal1 a Proud Strategic Partner of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking Spaces
  • UltraSoft a Proud Strategic Partner of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking Spaces
  • Crown Delivery & Logistics a Proud Strategic Partner of WANY: The Workspace Association of New York, Offering Executive Suites, Business Center Offices, Virtual Offices, Furnished Offices, Temporary Offices and Coworking Spaces
The Home of the only A+ Certified Workspaces in the New York Area

Proud Member Of:

REBNY
NYCEDC