WeWork built its first North Texas location at 1920 McKinney Avenue in Uptown Dallas, but ownership of the building is now on hold for the troubled coworking company, which owes hundreds of thousands of dollars in rent. Withdrew the motion asking for.
An attorney representing Parkview at McKinney's owner, Invesco Advisors, withdrew its rent demand on Feb. 15 after saying in a court filing that it had reached an “agreement” with WeWork. Ta.
Similarly, the ownership group behind Williams Square in Irving – a partnership of Apollo Global, Vanderbilt Office Properties and Hillwood Urban – filed a complaint seeking unpaid rent in late January. The complaint said the landlord was forced to draw on a credit line and that WeWork paid for the parking in January but has not paid the rent. They sought more than $148,000 for a suite WeWork rented at an office complex at 5215 North O'Connor Boulevard.
The company also reached an agreement with WeWork regarding ownership of Williams Square, according to court filings. The withdrawal indicates that the building owner may be actively negotiating with WeWork to resolve the dispute.
WeWork filed for bankruptcy in November and has since been working to terminate and renew existing leases across the United States.
“Dallas continues to be a priority market for us. Our goal is to remain in all of our current operating locations and we look forward to seeing what happens in the market,” said WeWork's vice president of global real estate. Peter Varelas recently said. dallas morning news.
1900 McKinney Harwood LLC, the corporation behind 1920 McKinney, said in a Jan. 30 filing in U.S. Bankruptcy Court in New Jersey that WeWork has not paid more than $336,000 in January rent. , claimed that more than $364,000 for February of last year was due. Month.
WeWork leases three leasable six-story floors in the Class A building, totaling approximately 66,795 square feet. The coworking company used the building at the corner of McKinney and Harwood Streets as its first foray into Dallas-Fort Worth, opting for a two-story building and later expanding its lease to three stories. His first WeWork space opened in early 2017.
The withdrawal of Parkview at McKinney and Williams Square comes within days of WeWork's lawyers contesting claims for back rent and other claims. The challenge alleges that some landlords are “getting in the way” of the company's goal of preserving more than 2,500 jobs and paving the way for a successful restructuring that maximizes shareholder value. The report said some landlords are failing to work with WeWork and taking a “wait-and-see” attitude while collecting above-market rents.
1900 McKinney Harwood LLC and the holding company behind Irving's Williams Square were named in the complaint.
WeWork is not closing any of its branded stores in Washington, D-FW. However, four Common Desk locations in the area have been closed. The company continues to operate seven of his WeWork locations and 10 of his Common Desk locations in North Texas.
