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.
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.
