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PETALING JAYA (Sept 13): The manager of Prime US REIT is in discussions with WeWork, one of its key tenants, on a resolution of its lease obligation at Tower 1 at Emeryville, California, reported The Edge Singapore today.
WeWork currently occupies 56,977 sq ft of space within the REIT’s 3.89 million sq ft portfolio and contributes 2.5% of its cash rental income as at June 30.
The manager of Prime US REIT issued a statement today, after the local San Francisco press reported that WeWork will be closing its co-working operation at the building, which is also one of the class A office towers located in northwest Alameda County in California.
The report, citing the statement, said WeWork had approached the REIT in June with a proposal to restructure its lease.
According to the manager, the REIT is protected under the terms of its contract, which will cover the tenant’s monthly lease obligations till as far as end-2022.
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