WeWork’s planned expansion in Denver has been trimmed down.
A spokesman for the coworking firm told BusinessDen Wednesday that WeWork won’t open a location that had been planned for 1660 Lincoln St.
The decision comes four months after WeWork signed a lease for approximately 50,000 square feet across four floors — floors 21, 22, 30 and 31 — with building owner Westport Capital Partners.
“As part of WeWork’s plan to seek profitable growth and best optimize the company’s real estate portfolio, WeWork and Westport Capital Partners have mutually agreed to not move forward with the planned WeWork project at 1660 Lincoln Street in Denver,” WeWork and Westport said in a joint statement provided by WeWork.
Westport did not respond to separate requests for comment.
The 1660 Lincoln deal is the first known signed WeWork lease in Denver to be terminated following the company’s failed attempt at going public, which resulted in WeWork laying off thousands of employees and being bailed out by previous investor Softbank at a drastically reduced valuation.
WeWork confirmed to CNBC last week that it is reviewing about 100 leases globally and could pull out of some in an effort to stem its losses.
WeWork’s IPO debacle also affected a pending lease in the Mile High City.
Churchill Bunn, head of Denver-based Alpine Investments, told BusinessDen in October that he backed away from a deal to have the company lease all 67,000 square feet of office space in a building planned for the Golden Triangle because of disclosures in WeWork’s IPO prospectus.
While the 1660 Lincoln location has been nixed, WeWork has opened four others — at Cherry Creek’s Financial House, LoHi’s Circa, and downtown’s Civic Center Plaza and The Vault — since early November.
They join RiNo’s The Hub, LoHi’s The Lab, and downtown’s Wells Fargo Center, Tabor Center and Triangle Building — giving the company nine locations in all now up and running in Denver. Two of those locations are within a block of 1660 Lincoln.
WeWork said it still plans to open at two other previously announced locations, at RiNo’s Junction 23 at Denargo Market and Rev360. The latter building is under construction.
Even without 1660 Lincoln, no company leases more office space in Denver than WeWork. No. 2 is DaVita, which told BusinessDen in September 2018 that it leased 562,950 square feet.