WeWork is trimming its presence in the Tabor Center building in downtown Denver — the third recent cut by the coworking company to its local presence.
The New York-based coworking firm recently struck a deal to give up two of its seven floors in the 30-story building at 1200 17th St., according to a spokeswoman for landlord Beacon Capital Partners.
The company gave back one of the floors immediately and will give the second back next year, according to Beacon. WeWork didn’t respond to a request for comment.
Once fully executed, the arrangement will leave WeWork with five floors in the building, or about 105,000 square feet.
This has been the summer of cuts for WeWork in Denver. In June, the company closed its 50,000-square-foot location in The Lab building at 2420 17th St., along Platte Street. WeWork has since been sued by its landlord there.
In July, BusinessDen broke the news that WeWork had reached a deal to give back three of its five floors — each about 25,000 square feet — in the Wells Fargo Center at 1700 Lincoln St.
Tabor Center remains WeWork’s biggest Denver location, even factoring in the two floors the company is vacating. The company initially leased three floors at Tabor in 2018, but quickly came back to add the additional four floors.
WeWork has five Denver locations up and running, as well as one in Boulder.
Last week, in a regulatory filing, the company warned of “substantial doubt” regarding its ability to stay in business.
“As a result of our losses and our projected cash needs, which have been impacted by the recent increases in member churn, combined with our current liquidity level, substantial doubt exists about the Company’s ability to continue as a going concern,” WeWork wrote.