Prime US REIT to undergo lease restructuring with WeWork

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Prime US REIT reported that co-working space operator WeWork has approached them with a proposal to restructure its lease, but discussions are still ongoing.

The tenant is a wholly-owned subsidiary of WeWork and occupies 56,977 sq ft within Tower I at Emeryville, Prime’s Class A office property in California.

Earlier, Prime was approached with a proposal to restructure its lease, the terms of which are currently under evaluation. Prime has called on the tenant to continue to meet its rental obligations and has called upon the existing security package for the payment of such rental obligations.

 

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