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WeWork to Shrink Dumbo Space at Kushner, RFR Building
WeWork has finalized an agreement with Kushner Companies and RFR to maintain three floors at 77 Sands St. in Dumbo Heights, Brooklyn, but in a reduced space, the company announced. Landlords RFR and Kushner Companies agreed to modify WeWork’s lease to allow it to stay at the property at a discounted rent rate.
WeWork initially signed on for 72,000 square feet in the 225,684-square-foot office building in 2015. Following the new deal, WeWork will occupy three floors instead of the previous five, according to court records. WeWork will also need to pay about $930,000 to cure its rent default at the property as part of the agreement. The negotiations took place in U.S. Bankruptcy Court, it’s unclear if brokers were involved in the process.
“WeWork has been a lead tenant at the Dumbo Heights development for nearly 10 years. Their presence and flexible workspaces have been critical to attracting other innovative tenants and retailers, creating a vibrant community near downtown Brooklyn,” said Laurent Morali, CEO of Kushner Companies.
- ◦Lease
