WeWork Inc. is currently in discussions to reduce its lease at the One Lincoln St. office tower located in downtown Boston, as reported by the Boston Business Journal. This development could bring about changes for WeWork’s largest location in Greater Boston, which it signed a 15-year lease for back in 2018 while undergoing Chapter 11 bankruptcy protection.
According to a recent bankruptcy court filing from the landlord – an affiliate of Fortis Property Group – negotiations with WeWork involve potential restructuring of their current lease agreement. The company has only paid a fraction of its January rent, indicating significant financial difficulties. Despite this setback, a spokesperson for WeWork has stated that “Boston remains a priority market” and they aim to maintain presence within as many buildings as possible.
One Lincoln St., which has been largely vacant since State Street Corp.’s departure, is set to undergo extensive renovations soon after this news broke out.
