WeWork has shuttered one of its locations along Platte Street in Denver — this time, presumably, for good.
The New York-based coworking firm closed its location in The Lab building at 2420 17th St. last month, a company spokeswoman confirmed.
“WeWork continually reviews our global real estate portfolio to optimize our assets and operations around the world, enhance our offerings, and elevate our members’ work experience,” the spokeswoman said. “In line with that effort, we made the decision to relocate members from our location at The Lab.”
WeWork leased 50,000 square feet in The Lab in 2015, giving the company its second location in the Mile High City. By 2019, the company had become the largest private office user in the city, although it lost that title with its 2021 downsizing.
The building is owned by an institutional investor who paid $45 million in 2018.
The closure, first reported by the Denver Business Journal, leaves WeWork with five locations in Denver and one in Boulder. One of the remaining locations is in the Circa building at 1615 Platte St., next door to The Lab building.
WeWork stock closed Friday at 28 cents, down 80 percent from the start of the year. The share price gives the company a market cap of $579 million. Prior to going public in 2021, the company was once valued by investors at $47 billion.