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Bankrupt WeWork gives up Fulton Market space to Chicago co-working startup Workbox

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Reducing its rent obligations has been a key part of the reorganization process since WeWork filed for bankruptcy protection in November.

Bankrupt co-working giant WeWork is keeping eight of its nine Chicago locations after finalizing lease renegotiations during its ongoing Chapter 11 reorganization.

“During Chapter 11, we made the difficult decision to end our operations at 220 N. Green Street,” a WeWork spokesperson said in an email. “All impacted members have been previously notified and offered relocation assistance to other locations where possible.” Meanwhile, Workbox is jumping in to fill part of the void, signing a long-term lease on WeWork’s six-floor, 60,000-square-foot Fulton Market space, with plans to keep the doors open during the handoff. It will be the third and largest discarded WeWork location to make the transition to Workbox.

Workbox previously grabbed the space at 125 S. Clark St. in the Loop, which WeWork vacated in November. The co-working space reopened in January as the first WeWork-to-Workbox transition.WeWork opened the co-working space at 220 N. Green St. in 2015. But it may have become expendable after opening a second Fulton Market location at 167 N. Green St. in May 2022.

“We really go after small early and growth stage businesses,” Wallace said. “We provide office space just like our peers do, but we also have a venture fund, an accelerator and do a lot of programming revolving around building businesses.”

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