Bankrupt WeWork lists two Denver leases among dozens it will terminate

thehubnorth2

The Hub office building at 3601 Walnut St. in Denver in September 2019. (BusinessDen file)

Coworking firm WeWork kicked off its time in bankruptcy by naming nearly 70 leases the company intends to terminate, including two in Denver.

The company, which filed for Chapter 11 bankruptcy protection late Monday, said in a Tuesday filing that it intends to terminate its unexpired leases in The Lab building at 2420 17th St. and The Hub building at 3601 Walnut St.

The plan, which must be approved by the court, won’t affect any local firms that lease from WeWork, because WeWork no longer operates in the two Denver buildings. WeWork shuttered its location in The Lab back in June, and in The Hub in early 2021.

Shuttering a coworking space, however, doesn’t automatically end a lease. WeWork’s landlords at The Lab and The Hub separately sued the company in recent months citing breach of contract.

Of the 69 leases that WeWork named in the Tuesday filing, approximately 40 were for building in New York City. WeWork had already stopped operating in most of the buildings it named, according to Bloomberg.

WeWork has five locations still operating in the Mile High City, which total about 300,000 square feet, according to a BusinessDen analysis in August. In recent months, the company reached deals to trim its presence in two downtown buildings, the Wells Fargo Center and Tabor Center

In its main bankruptcy filing, WeWork also said it owes $3 million to BCSP Denver Property LLC, the Brookfield Properties-affiliated entity that owns the Wells Fargo Center. It said the amount reflected accrued unpaid rent and lease termination fees.

thehubnorth2

The Hub office building at 3601 Walnut St. in Denver in September 2019. (BusinessDen file)

Coworking firm WeWork kicked off its time in bankruptcy by naming nearly 70 leases the company intends to terminate, including two in Denver.

The company, which filed for Chapter 11 bankruptcy protection late Monday, said in a Tuesday filing that it intends to terminate its unexpired leases in The Lab building at 2420 17th St. and The Hub building at 3601 Walnut St.

The plan, which must be approved by the court, won’t affect any local firms that lease from WeWork, because WeWork no longer operates in the two Denver buildings. WeWork shuttered its location in The Lab back in June, and in The Hub in early 2021.

Shuttering a coworking space, however, doesn’t automatically end a lease. WeWork’s landlords at The Lab and The Hub separately sued the company in recent months citing breach of contract.

Of the 69 leases that WeWork named in the Tuesday filing, approximately 40 were for building in New York City. WeWork had already stopped operating in most of the buildings it named, according to Bloomberg.

WeWork has five locations still operating in the Mile High City, which total about 300,000 square feet, according to a BusinessDen analysis in August. In recent months, the company reached deals to trim its presence in two downtown buildings, the Wells Fargo Center and Tabor Center

In its main bankruptcy filing, WeWork also said it owes $3 million to BCSP Denver Property LLC, the Brookfield Properties-affiliated entity that owns the Wells Fargo Center. It said the amount reflected accrued unpaid rent and lease termination fees.

This story is for our paid subscribers only. Please become one of the thousands of BusinessDen members today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

Comments are closed.