Connect with us

Washington, D.C

WeWork Works Out Deal at DC’s Midtown Center Amid Bankruptcy

Published

on

WeWork Works Out Deal at DC’s Midtown Center Amid Bankruptcy


WeWork has extended a key Downtown Washington, D.C., lease as it works its way through bankruptcy, the company announced Tuesday.

The coworking giant negotiated a deal with landlord Carr Properties to remain at Midtown Center, working out a reduction in rent for less space at the two-building complex. The deal follows WeWork’s recent request from the court overseeing its bankruptcy proceedings for additional time to negotiate with landlords to remain in some of its current spaces while it tries to find fresh financing. 

SEE ALSO: ESRT Promotes Christina Chiu to President and Stephen Horn to CFO

In 2019, WeWork signed a lease for 110,000 square feet at the 868,000-square-foot at 1100 15th Street NW. It was not immediately clear how much space the coworking company will retain going forward. 

Advertisement

The two-tower Midtown Center, which was completed in 2018, is facing its own share of trouble. Majority tenant Fannie Mae plans to vacate its 713,000-square-foot headquarters at the property in 2029, five years earlier than expected, Commercial Observer reported in January, resulting in some long-term risk for the lender.  

WeWork, which filed for Chapter 11 bankruptcy in November, has 11 other spaces in the D.C. region. The company also filed a motion to retain its space at The Wilson, a 348,000-square-foot property at 7272 Wisconsin Avenue in Bethesda, Md., also owned by Carr Properties. It’s unclear what’s happening with the other 10 locations.

The coworking company also announced deals to remain at two other properties across the U.S.: a 55,400-square-foot space at 830 NE Holladay Street in the Lloyd District of Portland, Ore.; and approximately 40,000 square feet at the 29-story 831 S. Peachtree in Norcross, Ga., which was developed by a joint venture between the Hanover Company and The Loudermilk Companies. No details were disclosed if WeWork would also be giving up space in exchange for rent reductions at these properties.

“This new agreement cements our long-term partnership with Carr Properties and our commitment to the capital, positioning WeWork to deliver solutions that power D.C.’s entrepreneurial and business community for the future,” Kate Harper, vice president of global real estate at WeWork, said in a prepared statement. 

WeWork also announced a plan for revenue sharing and management agreements with more than two dozen landlords around the U.S., though exact locations weren’t shared. It has also renegotiated leases for several locations around the country that include reduced rent and shorter lengths.

Advertisement

As part of its bankruptcy proceeding, WeWork has been dropping dozens of locations around the country and has drawn the ire of some landlords.

A group of WeWork landlords accused the coworking company of skipping out on $33 million in rent that came due Jan. 1, while WeWork accused others of demanding above-market rent and keeping WeWork on the hook for penalties and back rent.

WeWork could not disclose further information outside of its filing.  

Keith Loria can be reached at Kloria@commercialobserver.com.

Advertisement



Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Washington, D.C

Southwest Tennessee EMC takes local students to Washington, D.C. – WBBJ TV

Published

on

Southwest Tennessee EMC takes local students to Washington, D.C. – WBBJ TV


BROWNSVILLE, Tenn. — Eight students from across Southwest Tennessee EMC’s service territory got the opportunity of a lifetime to spend a week in our nation’s capital as delegates of the 2024 Washington Youth Tour. Yume Wilkes, Angelina Critelli, Alexis Hale, Zoren Simmons, Olivia Griffin, Torie Miller, Kristen Wade, and McKinnley Barnes were among 139 students from across Tennessee on the weeklong trip that began on Friday, June 14.

Front Row L-R: Olivia Griffin, Alexis Hale, Yume Wilkes, Angelina Critelli, Kristen Wade — Back Row L-R: Chaperone/STEMC Employee Jamie Bethune, McKinnley Barnes, Torie Miller, Zoren Simmons, Chaperone/STEMC Employee Kenley Mitchell

This annual event is sponsored by Southwest Tennessee EMC and the Tennessee Electric Cooperative Association. The students were selected for the trip by writing a short story titled “Co-ops Connect” that explains how co-ops connect Tennessee communities with energy, education, broadband, economic development and more.

“Chaperoning the best and brightest of our service area on a trip of a lifetime to Washington, D.C., each year is a highlight of my job here at Southwest Tennessee EMC,” said Kenley Mitchell, Community Relations Specialist and chaperone on the 2024 Washington Youth Tour. “This year’s delegates represented Southwest Tennessee EMC well at our nation’s capital and are coming back home with the knowledge and leadership skills to become future leaders in their communities.”

Advertisement

The Washington Youth Tour’s nonstop, seven-day itinerary is jam-packed with places to visit and experiences to give the Youth Tour delegates a trip that they will never forget. Highlights include a guided memorials tour around the city, visiting museums at the Smithsonian Institute, touring Washington’s Mount Vernon and Jefferson’s Monticello and taking a trip to Arlington National Cemetery. Delegates also got to see Washington, D.C., staples like the White House, U.S. Capitol and the Washington National Cathedral.

“The Washington Youth Tour is more than a trip,” said Todd Blocker, vice president of member services for the Tennessee Electric Cooperative Association and tour director. “Transformative. Unforgettable. Life-changing. Whether the trip cultivates a love for history, leadership or active citizenship, we are empowering young minds to shape the future. Seeing the impact the trip has had on many over the years is awe-inspiring.”

While in D.C., winners were announced in the statewide competition for the Robert McCarty Memorial Scholarships. Charlsie Strech from Meriwether Lewis Electric Cooperative, Elijah Jones from Appalachian Electric Cooperative and Ayden Anderson from Gibson Electric Membership Corporation were awarded $3,000, $2,000 and $1,000 Robert McCarty Memorial Scholarships for having the first, second and third place papers of the thousands of papers submitted across the state for this year’s contest. The scholarships are named in memory of Robert McCarty, an employee of Volunteer Energy Cooperative and longtime chaperone on the annual Youth Tour.

Yuridia Garcia, a senior from Appalachian Electric Cooperative, was awarded a $10,000 Cooperative Youth Ambassador Scholarship. Garcia was a 2023 delegate on the Washington Youth Tour. Delegates who remain engaged with their sponsoring cooperative during their senior year and complete certain community service requirements are eligible for the scholarship. Garcia’s name was randomly selected among the delegates from across the state who completed the requirements.

“An investment in the Washington Youth Tour delegates today is also an investment in the future of co-op communities across Tennessee,” said Mike Knotts, CEO of the Tennessee Electric Cooperative Association. “The future is bright for this group of Youth Tour delegates. We are honored to be a part of supporting their academic journeys and look forward to seeing what the future has in store for them and the impact they will have on their communities.”

Advertisement

The Washington Youth Tour was inspired by President Lyndon B. Johnson in 1957 when he encouraged electric cooperatives to send young people to the nation’s capital. Since then, more than 6,000 young Tennesseans have participated in the Washington Youth Tour as delegates.

The Tennessee Electric Cooperative Association provides leadership, advocacy and support for Tennessee’s 23 electric cooperatives and publishes The Tennessee Magazine, the state’s most widely circulated periodical. Visit tnelectric.org or tnmagazine.org to learn more.

For more local news, click here.





Source link

Advertisement
Continue Reading

Washington, D.C

EnergySage Expands Clean Energy Marketplace to All 50 States and Washington, D.C.

Published

on

EnergySage Expands Clean Energy Marketplace to All 50 States and Washington, D.C.


BOSTON, July 2, 2024 /PRNewswire/ — EnergySage, the leading clean energy marketplace, announces its expansion to all 50 states and Washington, D.C., becoming the first platform of its kind with a nationwide footprint. With this milestone, EnergySage is poised to help homeowners adopt clean energy solutions at an even greater scale and become a leading partner for corporations, electric vehicle manufacturers, and non-profits looking to bring whole-home electrification to their audiences across the country.

For over a decade, EnergySage has been at the forefront of promoting clean energy and energy-saving solutions, providing a platform for consumers to comparison-shop and save on rooftop solar. It has since evolved to provide energy storage, heat pumps, EV chargers, and community solar. Now that EnergySage has reached national coverage, it is prepared to connect even more homeowners with these sustainable and cost-saving options.

“Our goal has always been to make clean energy more accessible and affordable for everyone, and this expansion allows us to reach an even larger audience,” says Charlie Hadlow, EnergySage President & COO. “We are incredibly grateful to our dedicated network of installers – most of which have been with us for many years – who have helped us expand our reach to the whole country.”

EnergySage makes it easy to transition to clean energy. Consumers can easily request multiple high-quality quotes from vetted and accredited solar, HVAC, and electrical installers. The process is free, simple, and frictionless through its in-depth resources and unbiased support. 

Advertisement

EnergySage also serves as a valuable resource for clean energy companies and providers across the country. By partnering with EnergySage, these businesses can grow their customer base, reduce costs, and simplify their sales processes.

“We are proud to be the trusted partner for so many reputable installers,” says Erik Holvik, EnergySage Associate Director of Business Development. “We are dedicated to providing the best service and support to our customers, and this milestone is a testament to our commitment to scaling clean energy solutions.”

With EnergySage’s expansion to all 50 states and Washington, D.C., clean energy solutions are now more accessible than ever. Visit EnergySage today to start your clean home energy journey. For installers interested in working together, please visit this page.

About EnergySage, Inc.

EnergySage is the simplest, most trusted way to comparison shop and save on high-quality clean energy and energy-saving solutions, including rooftop solar, energy storage, heat pumps, EV chargers, and community solar. As the trusted partner for hundreds of vetted and accredited solar, HVAC, and electrical installers, EnergySage enables shoppers to request multiple high-quality quotes in minutes. With in-depth resources and unbiased support, EnergySage makes the entire process simple, low-stress, and more affordable for consumers, while serving as the conduit for clean energy companies and providers in all 50 states and D.C. to grow their business, reduce costs, and simplify their operations. For these reasons, leading organizations like National Grid, MassCEC, Boulder County, Intuit, Staples, and NCSU’s DSIRE point their audiences to EnergySage to begin their clean energy transitions. Visit EnergySage for more information, and follow us on Facebook, Instagram, LinkedIn, X, and YouTube.

Advertisement

Media Contact:
Danielle Dupre, [email protected] 

SOURCE EnergySage, Inc.





Source link

Continue Reading

Washington, D.C

DC summer youth curfew targets juvenile crime in high-risk areas

Published

on

DC summer youth curfew targets juvenile crime in high-risk areas


In an effort to reduce juvenile crime, the nation’s capital is enforcing a youth summer curfew for July and August. 

Advertisement

The city has identified seven focus areas where young people are frequently involved in crimes such as carjackings and robberies. The goal of the curfew is to keep kids out of trouble.

Kids under the age of 17 are not allowed to be out between 12:01 a.m. and 6 a.m., seven days a week.

“I think it’ll make a change,” said Jawanna Hardy, founder of Guns Down Friday, a non-profit in the District providing mentorship and resources for young men who have witnessed or experienced violence. “Every child’s story is different, every situation is different. Not all kids are out there causing trouble.”

Advertisement

The Juvenile Curfew Enforcement Pilot began in September 2023. 

Since then, officers have taken 69 minors to the Department of Youth Rehabilitation Services for curfew violations. Of those, 45 were released to a parent or guardian.

Advertisement

“Instead of sending them home, a lot of them … There’s a reason they don’t want to be in their home,” Hardy said. “I’ve been in a lot of homes where kids do not want to be there… so sending them home… Find out what’s going on in their home, why does that kid not want to be home?”

Advertisement

Penalties for curfew violations include up to 25 hours of community service for the child. 

Parents or guardians could face a fine of up to $500 or be required to perform community service.

Hardy believes more needs to be done to support youth. 

Advertisement

“What activities, what services are we providing for these kids as an alternative to being on the streets?” she asked.

Families looking to keep their children engaged while they’re out of school can visit summer.dc.gov for activities to keep them positively involved.



Source link

Advertisement
Continue Reading

Trending