As WeWork teerers on the brink of bankruptcy, landlord DivcoWest seeks a pretty penny over the co-working company’s alleged abandonment of 311 W. 43rd St.
In a high-stakes showdown between co-working giant WeWork and powerhouse landlord DivcoWest, the battle for millions is set to unfold on the streets of Manhattan.
DivcoWest, the San Francisco-based real estate titan, alleges breach of contract and demands payment in full.The opening salvo in this legal fracas came when WeWork failed to pony up its December rent.WeWork is in hot water with its Manhattan landlord as the company faces bankruptcy.But that wasn’t enough for DivcoWest, which contends that WeWork owes rent for the entire duration of the original agreement — stretching all the way to 2032.
The lease signed by WeWork explicitly “prohibits early surrender or ‘abandonment of this lease’ without landlord’s written consent, which [the] landlord had never provided,” as stated in the lawsuit.A view outside WeWork in Midtown Manhattan.This prime location sits between Eighth and Ninth avenues, and DivcoWest is not about to let WeWork slip through the cracks.
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