Advertisement
Back To Daily Digest
Tags: BUSINESS

Lawsuit Filed Against Knotel

A landlord has filed a complaint with the Los Angeles County Superior Court accusing New York-based Knotel of not meeting obligations part of its profit sharing agreement.

The property owners, three limited liability companies conducting business as Olive Center, signed a nine-month lease with Knotel last July. The deal included Knotel paying $18,000 per month for the ground floor space. Knotel would then sublease the space out to tenants and provide Olive Center with 80% of the sublease income received on top of the monthly rent payment.

According to the lawsuit, the office provider decided to not renew their lease in late April, but never gave Olive Center the sublease income.

The Latest News
Delivered To Your Inbox

“Defendants failed to pay the plaintiff the 80 percent of the excess amount received, and said failure is and was a breach to the term of the lease,” reads the lawsuit.

According to Knotel, many of its tenants are unable to make payments due to the coronavirus. The complaint does not indicate any change in Knotel going back on its profit-sharing agreement due to the pandemic.

ABOUT Aayat Ali
Aayat Ali

Aayat is an editor for the Daily Digest based out of Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces. Feel free to reach out to her at [email protected] View all posts by Aayat Ali

Latest on Daily Digest

Ad
Advertisement
Advertisement

FOLLOW US

  • Facebook
  • Twitter
  • LinkedIn
  • RSS
  • instagram
  • pinterest
Ad
Advertisement
Advertisement

POPULAR ARTICLES

Advertisement
Advertisement

Stay On Top Of Your Game!

Subscribe To The Largest Publication On The Future Of Work And Receive Our TOP 10 News Stories Every Saturday, Among Other Cool Stuff. 100% FREE

Before You Go!

join

OUR PREMIUM NEWSLETTER

If it's affecting the
Future Of Work,
you'll be the first to know.